Gemini Space Station Inc., the holding company for Gemini Trust Company LLC, filed a registration statement with the U.S. Securities and Exchange Commission (SEC) on Aug. 15, 2025, in preparation for an initial public offering (IPO) on the Nasdaq Global Select Market (Nasdaq) under the ticker GEMI. Gemini Trust Company, co-founded in 2014 by Cameron Winklevoss and Tyler Winklevoss, operates the Gemini cryptocurrency exchange and related businesses. The registration statement highlights the scope of its operations: “The Company offers a mobile and web based crypto asset exchange platform, proprietary wallet infrastructure and custody solutions, high-performance over-the-counter trading solutions tailored to institutions and professionals, a digital art auction platform, a proprietary United States dollar backed stablecoin, and a credit card product that offers crypto asset rewards on customer purchases.” These disclosures emphasize the company’s evolution from a trading venue into a broader digital asset services provider.

The filing also details a financing arrangement with Ripple Labs Inc. Through the Ripple Credit Agreement, Gemini has the ability to access a structured credit facility: “The Ripple Credit Agreement provides that we may borrow in minimum tranches of $5 million up to an initial commitment amount of $75 million, subject to increases or decreases based on certain performance metrics and other conditions, with a maximum commitment amount of $150 million.” The agreement includes a provision that:

Once the $75 million threshold is exceeded, we may also request loans denominated in a U.S. dollar-pegged stablecoin issued by Ripple, subject to Ripple’s approval.

As further disclosed: “Borrowings under the Ripple Credit Agreement must be collateralized, accrue interest at a rate of 6.5% or 8.5% depending on certain leverage ratios, and are required to be repaid in U.S. dollars. As of August 15, 2025, we had not drawn any borrowings under the Ripple Credit Agreement.” The arrangement underscores Gemini’s use of both traditional and blockchain-linked mechanisms to secure liquidity.

The stablecoin referenced in the agreement is RLUSD, Ripple’s U.S. dollar-pegged stablecoin. RLUSD was designed to combine fiat stability with blockchain efficiency, available on both the XRP Ledger and Ethereum. It complements XRP within Ripple’s broader ecosystem and has seen rapid growth in supply and integration into new platforms. By linking the facility to RLUSD, the agreement reflects how conventional credit terms and digital assets are converging, highlighting an important intersection for Gemini as it prepares for the public markets.

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