Key Takeaways
- Gemini’s March 31, 2026 Form 10-K says Ripple’s credit facility was amended in December 2025 to raise the commitment to $250 million through July 1, 2026.
- The amended terms raised the interest rate to 7.0% and added RLUSD-linked collateral and operating covenants.
- Gemini had about $154.1 million outstanding under the facility at the end of 2025 and had pledged about $188.8 million in credit card receivables as collateral.
Gemini’s latest annual filing shows Ripple expanded a credit facility for the crypto exchange to $250 million, with the amended arrangement carrying higher interest and RLUSD-linked covenants.
The disclosure appeared in Gemini Space Station’s Form 10-K, filed on March 31, 2026.
In that filing, Gemini said it entered into a credit agreement with Ripple in July 2025 with an initial commitment of $75 million.
Before the December amendment, the facility could rise to as much as $150 million if Gemini met certain metrics.
In December 2025, Gemini amended the facility to temporarily raise the aggregate commitment to $250 million through July 1, 2026.
The filing says the change also lifted the interest rate to 7.0% and added collateral and operating covenants tied to Gemini’s holdings and activity levels of Ripple USD, or RLUSD.
Filing Details Higher Rate and RLUSD Terms
According to the 10-K, if Gemini does not reduce outstanding borrowings to $150 million or less by July 2, 2026, the interest rate steps up to 10.0%.
Gemini also said the new terms may limit the availability of borrowings under the facility and increase its cost of capital.
The company further disclosed that, once the initial commitment is exceeded, borrowing requests may be made in RLUSD at Gemini’s request and Ripple’s consent, while repayment must still be made in U.S. dollars.
The amendment exhibit adds another layer to the RLUSD requirements.
By Jan. 31, 2026, Gemini had to pledge company-owned RLUSD as collateral, place that RLUSD with a qualified custodian regulated by the New York Department of Financial Services and enter into a control agreement acceptable to Ripple.
The exhibit says failure to do so by that date would constitute an immediate event of default.
Gemini Had $154.1 Million Outstanding at Year-End
As of Dec. 31, 2025, Gemini had about $154.1 million outstanding under the Ripple credit agreement, according to the filing.
It also reported about $95.9 million in unused borrowing capacity and said it had pledged roughly $188.8 million in credit card receivables as collateral.
Those receivables came from Gemini’s credit card business.
The filing says Gemini had purchased about $219.8 million in Gemini Credit Card customer receivables by year-end, with part of that pool pledged under the Ripple facility.
Gemini and Ripple Had Already Deepened Ties
The 10-K also shows Ripple’s ties to Gemini were already extending beyond the credit line.
In the risk section, Gemini said it launched a co-branded credit card with Ripple in August 2025 and that the launch contributed to more than 30,000 new credit card sign-ups that month, more than double the prior month’s total.
The filing shows Gemini and Ripple were already working together across financing and card-related products.
Filing Arrives Alongside Restructuring Moves
The annual report lands after Gemini approved a plan on Feb. 4, 2026, to exit and wind down operations in the U.K., the EU and other European jurisdictions and Australia.
The company said operations would continue in the U.S. and Singapore.
Gemini said it aimed to reduce operating expenses and promote profitability.
The filing says the move is expected to include a reduction-in-force of up to about 200 employees and about $10.9 million in pre-tax restructuring and related charges, substantially all in cash.
The same subsequent-events section says Gemini announced on Feb. 17 that its chief operating officer, chief financial officer and chief legal officer had left their roles.
As a result, Gemini appointed Danijela Stojanovic as interim CFO. The filing arrived in March, but the financing story turned in December.
That amendment raised the facility to $250 million and came with firmer RLUSD-linked conditions.
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