Gemini IPO filing reveals Ripple credit deal, $282M net loss in 2025

Gemini has filed for a Nasdaq IPO under the ticker GEMI, revealing a $282.5 million net loss for the first half of 2025.

The exchange also disclosed a $75 million credit agreement with Ripple in the Aug. 15 filing submitted to the US Securities and Exchange Commission (SEC),

The exchange, founded by Cameron and Tyler Winklevoss, joins a wave of crypto companies seeking public market access following President Donald Trump’s return to the White House. 

The filing disclosed financial details that position Gemini as the third potential US crypto exchange to trade publicly after Coinbase and Bullish.

Bitwise chief investment officer Matthew Hougan had predicted this movement in December 2024, naming 2025 the “Year of the Crypto IPO” with at least five crypto unicorns expected to go public in the US. 

Hougan and the firm’s head of research, Ryan Rasmussen, identified “growing investor demand, institutional adoption, a favorable macro environment, and a warmer political environment” as the main catalysts driving crypto companies to pursue public listings following Trump’s election victory.

Financial performance and Ripple partnership

Gemini’s losses widened considerably from $41.4 million in the first half of 2024 to $282.5 million during the same period in 2025. 

The exchange posted total revenue of $67.9 million for the six months, down from $74.3 million year-over-year. For the full year 2024, Gemini recorded a net loss of $158.5 million on revenue of $142.2 million.

The filing revealed the exchange entered a credit agreement with Ripple Labs in July. The deal permits lending requests of at least $5 million each up to an aggregate commitment of $75 million.

The agreement allows increases up to $150 million based on specific metrics. 

Once the initial commitment exceeds $75 million, lending requests may utilize USD-denominated Ripple’s RLUSD stablecoin upon mutual consent. 

All lending bears interest rates of 6.5% or 8.5% annually and requires collateral security with repayment in US dollars.

Industry momentum under

The crypto IPO trend gained momentum after Trump’s Jan. 20 inauguration, with multiple exchanges and crypto-native companies pursuing public listings. 

Circle completed its NYSE debut in June, raising over $1.2 billion and seeing shares surge 472% relative to Bitcoin since launch. 

The stablecoin issuer’s market capitalization reached $66.9 billion, exceeding its USDC circulating supply of $61.27 billion.

Hougan and Rasmussen specifically identified Circle, Kraken, Anchorage Digital, Chainalysis, and Figure as the five strongest candidates for IPO listings in 2025. 

Their prediction proved prescient as Circle completed its blockbuster NYSE debut in June, Bullish followed in August, and now Gemini is pursuing its public offering. 

Galaxy Digital had already transferred its listing from Toronto to Nasdaq in May, while crypto trading platform eToro debuted with services including crypto investments.

The momentum reflects broader institutional confidence in crypto’s regulatory outlook under Trump. 

Hougan emphasized that the Trump administration’s pro-crypto stance creates unprecedented opportunities for digital asset companies to access traditional capital markets. Additionally, he stated that 2025 represents a “warmer political environment” for crypto IPOs compared to previous years.

Regulatory strategy and structure

Gemini plans to operate through a dual-entity structure, separating operations between New York-based Gemini Trust and Florida-based Moonbase. 

The Moonbase entity will serve as the primary platform for most users, allowing the exchange to navigate New York’s restrictive BitLicense regulations that limit staking services.

This structure reflects the company’s approach to maintaining operational flexibility while addressing complex state-level regulatory requirements.

Goldman Sachs, Citigroup, Morgan Stanley, and Cantor serve as lead bookrunners for the offering. The IPO terms remain undisclosed, with completion subject to SEC review and market conditions.

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