The Role of Ripple in Gemini's Quest for an IPO

Gemini Space Station Inc., the company behind Gemini Exchange, has filed for an IPO with the SEC, revealing a credit agreement with Ripple. Under the agreement, Gemini can request loans of no less than $5 million, up to an initial commitment of $75 million, which could increase to a maximum of $150 million, secured by collateral. If expenses surpass this, Ripple can provide additional funds in the RLUSD stablecoin.

However, Gemini has reported significant financial losses, with a net loss increase of over 85% for the first half of 2025. The company plans to list on NASDAQ under the ticker symbol "GEMI", becoming the third crypto exchange to list on U.S. stock markets, following Coinbase and Bullish. Despite these plans, Gemini's exchange is not as widely used as other platforms in the industry.