Gemini, the company behind the Gemini Exchange founded by the Winklevoss twins, has officially filed for its initial public offering (IPO) with the Securities and Exchange Commission (SEC). The company has secured the backing of Ripple, the entity behind XRP and RLUSD, and has entered into a credit agreement with them.
Gemini has filed an S-1 form with the SEC, disclosing that they have entered into a credit agreement with Ripple. This agreement allows them to make lending requests from time to time, with each request being no less than $5 million and up to the initial commitment amount of $75 million. This amount may vary slightly, but it will not exceed $150 million, and all funding must be secured by collateral. If expenses exceed the initial commitment, Ripple may provide further funding in the form of the dollar-denominated RLUSD stablecoin at their discretion. All financing also bears an interest rate of 6.50% or 8.50%, which must be repaid in USD.
The filing also reveals that Gemini has been losing money, with a net loss increase of over 85% for the first half of 2025 compared to the same period last year. This represents a rise from $41.4 million to $282.5 million, respectively. Revenue has also taken a hit, with the first half of this year yielding $68.6 million compared to $74.3 million in 2024.
Gemini plans to make its public debut on the NASDAQ under the ticker symbol “GEMI.” If all goes well, it will be the third cryptocurrency exchange to list on American stock markets and indexes, following Coinbase, which also entered the NASDAQ in 2021, and Bullish, which rang the opening bell of the New York Stock Exchange just last week.
The Gemini crypto exchange is not as actively used as other industry peers, ranking 24th in the spot exchange leaderboard and 16th for derivatives according to data from CoinMarketCap. CoinGecko has assigned it a Trust score of 9/10, and it has recorded over $220 million in trading activity within the past 24 hours.
Gemini’s IPO filing is a significant step for the company and the cryptocurrency industry as a whole. It shows that traditional financial institutions are increasingly interested in the crypto space and are willing to invest in its growth.
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