Crypto exchange Gemini has officially filed for an IPO on the Nasdaq, under the ticker symbol GEMI. The filing reveals a $282.5 million net loss in the first half of 2025, potentially highlighting the challenging market conditions that many cryptocurrency exchanges are facing. Notably, a $75 million credit agreement with Ripple is also disclosed, though its details remain under regulatory scrutiny. This IPO move positions Gemini amongst other prominent players in the industry, including Coinbase and Bullish, as they seek to tap into institutional interest in the volatile world of cryptocurrencies. 2025 has seen increased scrutiny from regulators in response to market volatility and concerns over cryptocurrency’s long-term viability. While the precise impact on XRP liquidity is uncertain, the filing shows a shift towards greater transparency and growth as Gemini navigates this new chapter in its history.