Gemini's IPO Journey: Big Losses, Bigger Ambitions, and a Ripple Lifeline
- Keyword Financial
- Aug 18
- 4 min read
Introduction
Gemini filed for a Nasdaq IPO under the ticker GEMI, revealing steep losses and a new credit arrangement. The exchange reported a net loss of about $282.5 million for the first half of 2025, a sharp widening from roughly $41.4 million in H1 2024. Revenue for the six months was around $68 million–$68.6 million, down year over year. Reuters also noted Gemini’s 2024 full-year loss of $158.5 million on revenue of $142.2 million, underscoring mounting operating pressures despite an improving market backdrop (Reuters).
Alongside the IPO filing, Gemini disclosed a $75 million secured credit facility with Ripple that can expand up to $150 million. The agreement allows borrowings in minimum $5 million increments, carries annual interest rates of 6.5% or 8.5%, and can be settled in USD or Ripple’s RLUSD stablecoin with mutual consent, according to coverage of the filing details by CryptoSlate and others (CryptoSlate). The deal provides Gemini with additional liquidity flexibility ahead of listing and highlights growing institutional use of stablecoins in treasury and financing arrangements.
Strategically, Gemini plans a dual-entity structure: New York-based Gemini Trust and Florida-based Moonbase, with Moonbase as the primary platform to navigate New York’s stricter BitLicense regime, per industry reports summarizing the S-1. The IPO is being underwritten by Goldman Sachs, Morgan Stanley, Citigroup, and Cantor. If completed, Gemini would become the third U.S. crypto exchange to trade publicly after Coinbase and Bullish, continuing a broader trend of crypto firms seeking public capital access in 2025.
