Other DebtActive
Ripple Warehouse Credit Facility
GEMI-RWF
BTC Holdings
4,619 BTC
Total Debt
$241.88M
Leverage
0.0%
mNAV
1.61x
Outstanding
$154.40M
Issue date
2025-07-11
Principal
$75.00M
Coupon
7.00%
Maturity
2027-11-15
Conversion price
—
- Upsized to $250M commitment in Q4 2025
Terms & Documentation
Terms
- BTC strategy
- No
- Facility type
- Revolving
- Rate type
- Step-up
- Rate reference
- 6.5% initial; increases to 8.5% if RLUSD balance not maintained
- Collateral
- Credit card receivables
- Covenants
- Restriction on additional drawdowns if Company does not maintain at least $50M equivalent of RLUSD by Jan 11, 2026
Sources(1)
- Form 10-Q (Q3 2025)FilingForm 10-Q (Q3 2025)Note 15 — Funding DebtGemini Space Station, Inc. — 2025-11-10
Outstanding History
Outstanding history(3)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-12-31 | Draw | $154.40M Facility upsized to $250M; $188.8M receivables pledged | Form 8-K (Q4/FY2025 Resul… |
| 2025-09-30 | Draw | $48.89M $99M drawn, $50.2M repaid during Q3 | Form 10-Q (Q3 2025) |
| 2025-07-11 | Issuance | $0.00 Facility established; no initial draw | Form 10-Q (Q3 2025) |
- 2025-12-31 — $154,400,000Exhibit 99.1 — Shareholder Letter — filing — Gemini Space Station, Inc.Source
- 2025-09-30 — $48,890,000Note 15 — Funding Debt — filing — Gemini Space Station, Inc.Source
- 2025-07-11 — $0Note 15 — Funding Debt — filing — Gemini Space Station, Inc.Source