Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at how Ripple are supporting the IPO filing by Gemini.
You can find my previous post regarding the Gemini IPO Filing here: Gemini Seeks Public Listing
Ripple Backs Gemini’s IPO Filing
Gemini have arranged a $75 million credit line from Ripple Labs as they proceed with their upcoming IPO. This deal will also include Ripple’s new stablecoin, RLUSD, as a borrowing option once the initial facility is tapped. The credit line could eventually expand to $150 million according to the exchange’s SEC filing.
The plans for the IPO will see Gemini be listed on Nasdaq under the ticker “GEMI” as part of the filings disclosed on August 15. The credit agreement requires minimum loan amounts of $5 million with interest rates ranging from 6.5% to 8.5% which will need to be secured by collateral from Gemini. Even though Gemini reported a $282.5 million net loss in the first half of 2025 compared to $41.4 million in the same period last year, but they are still pressing ahead with their public listing plans. In addition they also saw revenue fall from $74.3 million down to $67.9 million.
Following on from Coinbase in 2021 and Bullish earlier this month, Gemini look set to become the third crypto exchange to go public in the U.S. Once Gemini surpasses $75 million in borrowing from Ripple the loans can be denominated in RLUSD stablecoin. Both parties must agree to use the dollar-backed digital currency for these transactions. While no funds have yet been drawn, the inclusion of RLUSD signals Ripple’s ambition to compete with Tether’s USDT and Circle’s USDC. RLUSD operates on both the XRP Ledger and Ethereum networks.
Gemini meanwhile will have a facility to offer fresh liquidity at a pivotal moment, as investor scrutiny intensifies ahead of its listing. They have also restructured their corporate setup to handle regulatory requirements. The company split operations between Gemini Trust in New York and Moonbase in Florida to comply with New York’s BitLicense rules.
In terms of the companies leading the underwriting team for Gemini’s IPO, Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald are at the front. Academy Securities and AmeriVet Securities will act as co-managers. The banking support indicates Wall Street confidence in crypto exchange business models, although thus far public markets have shown mixed reception to cryptocurrency companies.
Bullish completed its public listing on the New York Stock Exchange one week before Gemini’s filing and more than tripled their first trading day price of $37 with the closing price on Friday sitting at $70. Circle’s June debut saw shares surge nearly 10x from the $31 offering price before settling at $149. Gemini’s IPO proceeds will support growth strategy and competitive positioning and they are not the only ones. OKX, Grayscale, and Kraken, have either hinted at or initiated plans to go public.
https://x.com/MilkRoadDaily/status/1957443474921595381
Have a great day.
Peace. CryptoGod-1.
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