The well-known encryption currency trading platform Gemini recently revealed its IPO prospectus, unveiling the company's ambition to be listed on NASDAQ, with the proposed stock code being GEMI. However, financial data shows that the company is facing severe operational challenges.

According to the S-1 filing, Gemini's net loss surged to $282.5 million in the first half of 2025, compared to a loss of $41.4 million in the same period of 2024, showing a significant increase. More notably, the company's adjusted EBITDA turned from a profit of $32 million to a loss of $113.5 million, reflecting a sharp deterioration in operational conditions.

In the face of this predicament, Gemini seems to be seeking external support. Documents reveal that the exchange reached a credit agreement with the blockchain payment company Ripple in July 2025. The initial amount of this agreement is $75 million, which could potentially expand to $150 million, using the RLUSD stablecoin as the payment medium. As of now, Gemini has not yet utilized this credit line.

This series of actions reflects the complex situation of the cryptocurrency market. Despite the many challenges faced by the industry, major players like Gemini are still actively seeking to support their development through public market financing. At the same time, the boundaries between traditional finance and the encryption field are gradually blurring, with credit support provided by Ripple being a typical example.

The IPO process of Gemini will undoubtedly become the focus of market attention, and its success or failure may have a profound impact on the future development of the entire encryption currency industry. Investors and industry observers will closely watch whether Gemini can reverse its current losses through its listing, as well as whether this move will trigger more encryption companies to seek recognition in traditional financial markets.