XRP has come under renewed focus as crypto exchange Gemini disclosed a significant credit agreement with Ripple in its recent IPO filing. The filing, submitted to the U.S. Securities and Exchange Commission (SEC), details a $75 million credit line established with Ripple, alongside a substantial $282.5 million net loss reported for the first half of 2025.

Gemini’s SEC filing unveils a financial pact with Ripple and heavy losses for H1 2025.

Ripple Credit Facility Terms Detailed

The credit arrangement with Ripple Labs allows Gemini to draw down in amounts no less than $5 million, up to a total of $75 million. This line of credit may be doubled to $150 million if certain conditions are met. The agreement includes potential use of Ripple’s USD-backed stablecoin, RLUSD, for lending transactions exceeding the initial commitment, provided both parties consent.

Loans under this agreement are subject to annual interest rates of either 6.5% or 8.5%, depending on specific terms. All borrowings require full collateralization and must be repaid in U.S. dollars. This move strengthens Gemini’s liquidity profile even as broader financial figures show a rough ride.

Financial Snapshot Shows Declining Revenues

Gemini posted $67.9 million in revenue for the first half of the year—down from $74.3 million during the same period in 2024. The exchange’s net loss more than doubled year-over-year, rising from $41.4 million in H1 2024 to $282.5 million in H1 2025. Full-year financials for 2024 already exhibited losses of $158.5 million on revenue of $142.2 million, suggesting worsening fiscal conditions despite its expansion moves.

The IPO Push and Political Backdrop

The Gemini IPO marks another step in what some have called the “Year of the Crypto IPO.” Should the listing succeed, Gemini would become the third U.S.-based crypto exchange to go public, following in the footsteps of Coinbase and Bullish.

This wave of public listings aligns with expectations laid out by Bitwise investment officer Matthew Hougan as early as December 2024. In his forecast, Hougan said institutional interest and a “warmer political environment” would encourage multiple crypto unicorns to file IPOs in 2025. The victory of Donald Trump in the U.S. presidential elections played a significant part in improving the market outlook, encouraging companies like Circle and Kraken to consider public listings.

Ripple’s Role in Institutional Momentum

This latest development further cements Ripple as a key player in the institutional adoption of blockchain and cryptocurrency. With the stablecoin RLUSD now involved in high-level credit transactions, Ripple is entering a new phase of institutional utility, building upon existing ventures in cross-border payments and regulatory engagement.

Structural Compliance and Strategic Planning

To maintain compliance while leveraging operational flexibility, Gemini will employ a dual-entity structure: the New York-based Gemini Trust and the Florida-based Moonbase unit. The Moonbase arm will manage most customer interactions, sidestepping limitations imposed by New York’s BitLicense that restrict staking and other features.

Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald are leading the underwriting for Gemini’s IPO. The exact price range and timing remain contingent on favorable market conditions and SEC approvals.

Related: XRP Price: $12M Max Pain for Bears

Overall, despite financial setbacks, Gemini is strategically aligning itself with major players like Ripple to bolster its capital resources. This partnership may signal further synergy between exchanges and blockchain firms as the crypto industry edges closer to the mainstream financial arena.