Where Does Ripple Fit In?

The prospective public filing of Gemini is now a fact, and the company has secured the backing of the entity behind XRP and RLUSD.

Going Public on a Loan

Gemini Space Station, Inc., the corporation behind the Gemini Exchange, founded by the Winklevoss twins, filed an S-1 form with the Securities and Exchange Commission (SEC) on Friday for its long-awaited initial public offering (IPO).

Within it, it’s disclosed that they have entered into a credit agreement with Ripple, allowing them to make lending requests from time to time, with each one being no less than $5 million, up to the “initial commitment” amount of $75M. This sum may vary slightly, but it will not exceed $150 million, and everything must be secured by collateral.

If the expenses exceed the initial commitment, further funding, at Ripple’s discretion, can be made possible in the dollar-denominated RLUSD stablecoin. All financing also bears an interest rate of 6.50% or 8.50%, which must be repaid in USD.

The filing also notes that Gemini has been hemorrhaging funds, with a net loss increase of over 85% for the first half of 2025 compared to the same period last year. These represent the rise from $41.4 million to $282.5M, respectively. The revenue has also taken a hit, with the first half of this year yielding $68.6 million, compared to $74.3M for 2024.

The enterprise plans to make its public debut on the NASDAQ, with 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 Exchange Itself

The Gemini crypto exchange, while still prominent, is not as actively used as other industry peers. According to data from CoinMarketCap at the time of printing, it is ranked 24th in the spot exchange leaderboard and 16th for derivatives.

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.