Fact Check: Gemini, Ripple Funding for IPO?
A high-profile rumor has been circulating: is Gemini, the crypto exchange founded by the Winklevoss twins, tapping Ripple’s coffers to underwrite its upcoming IPO? The company’s S-1 IPO registration with the U.S. SEC triggered the speculation — but the filing clarifies what’s true and what isn’t.
What the S-1 shows
- Gemini has entered a credit agreement with Ripple Labs that provides a revolving credit facility of up to $75 million, with an option to scale to $150 million if certain conditions are met.
- Borrowing can be done in minimum increments of $5 million. Interest on draws ranges from 6.5% to 8.5%, depending on leverage ratios.
- As of the filing date in August 2025, Gemini had not drawn on the Ripple credit line.
What this is — and what it isn’t
This arrangement is a credit facility, designed to give Gemini flexibility and liquidity as it prepares to go public. The S-1 frames the facility as a buffer against market volatility and investor scrutiny during the IPO process.
Crucially, the agreement is not an equity purchase or a direct investment by Ripple in Gemini’s shares. Having access to debt capital is materially different from taking on a strategic investor or ceding ownership.
Why it matters to crypto investors
For holders of Bitcoin, Ethereum and other crypto assets or followers of DeFi developments, the distinction matters: access to credit can stabilize an exchange’s balance sheet without altering governance or ownership. Still, the presence of a large credit line from a major industry player is notable and worth monitoring.
Watch future SEC filings for any draws on the facility or changes to the terms — those would be the concrete moves that shift the story from potential support to active financing.
