- Gemini entered a July 11, 2025 credit agreement with Ripple to access secured loans.
- IPO filing shows a Nasdaq listing plan and widened first half losses in 2025.
Gemini has selected Ripple Labs as lender for a revolving credit facility as the crypto exchange advances its planned Nasdaq listing.
Gemini signs July 2025 credit agreement with Ripple Labs to access secured loans
The facility is set out in a credit agreement dated July 11, 2025 between Gemini Capricorn One LLC as borrower, Gemini Constellation LLC as servicer and Ripple Labs Inc as lender. The agreement provides for secured advances against a borrowing base with collateral pledged by the borrower.
Borrowing requests carry a minimum of five million dollars and may be funded in US dollars, with an option to fund any excess above the initial commitment in the RLUSD equivalent, reflecting Ripple’s dollar stablecoin infrastructure.
The structure allows Gemini to draw, repay and redraw subject to the borrowing base and commitment limits, with settlement mechanics governed by a dedicated collection account and monthly reporting obligations.
The documentation outlines the grant of a continuing lien on defined receivables and related assets and permits commitment increases by consent. Proceeds are wired to designated accounts on funding dates once conditions precedent are satisfied.
The arrangement is intended to finance receivables purchased by the borrowing vehicle and to provide working liquidity without tying up excess capital on the exchange’s balance sheet.
IPO filing details losses and planned Nasdaq listing under ticker GEMI
Gemini filed a registration statement on August 15, 2025 for a proposed initial public offering on Nasdaq under the ticker GEMI. The filing disclosed a net loss of roughly two hundred eighty two and a half million dollars on approximately sixty nine million dollars of revenue for the first half of 2025.
The company did not disclose offering terms in the registration statement, and Goldman Sachs and Citigroup are among the banks working on the deal.
Sector context is relevant. Ripple has long offered credit capabilities linked to its payments network to support instant settlement and liquidity for customers.
The inclusion of RLUSD as an optional funding currency in the Gemini agreement formalises that linkage and could lower frictions when moving between tokenised dollars and fiat rails.
The approach mirrors credit structures used by payments firms that finance receivables through revolving facilities secured by cash flows rather than through unsecured working capital lines.
For prospective investors, the mechanics matter as much as the headline. A borrowing base framework caps utilisation to the value of eligible receivables and creates daily or monthly control via covenants, account waterfalls and reporting.
That can provide flexibility to bridge settlement timing gaps during volatile trading periods while limiting lender exposure through collateral and eligibility tests. The model is common in non bank finance and is now being adapted to digital asset venues that operate across fiat and token markets.
At the time of press, XRP is trading at $2.97, having declined by exactly $0.15, which corresponds to a –4.99% drop in the past 24 hours as per Binance data.
