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Third Party Loans
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Third Party Loans Related Party Loans and Convertible Notes
The Company regularly enters into lending agreements with Winklevoss Capital Fund, LLC ("WCF"), a related party through common ownership, in order to finance operations, maintain regulatory capital levels in subsidiaries, and fund capital expenditures to grow the business. The Company primarily conducts lending activities with WCF using bitcoin or ether as the loaned instrument or as collateral for USD loans.

Crypto asset loans

The Company entered into several crypto lending agreements with WCF during the nine months ended September 30, 2025 and 2024. All principal loan amounts have no stated maturity date but are callable upon written notice by WCF. The Company will have until the end of the business day to repay all outstanding loaned crypto amounts when called. The principal will be paid in-kind and interest outstanding will be payable in either (i) crypto or (ii) cash equivalent to the aggregate value of such crypto as measured at fair value on the daily basis at which the fees accrued. These agreements were made to enable the Company to ensure adequate operational liquidity and meet regulatory capital obligations of its subsidiaries.
Crypto asset loans as of September 30, 2025 (in thousands):

Loan(12)
Draw DatePrincipal Outstanding as of 12.31.24Amount BorrowedAmount RepaidRealized Gain (Loss)Principal Outstanding as of 9.30.25Unrealized Gain (Loss)Interest Rate
Interest Expense (10)
Interest Payable(11)
5,000 BTC(1)
12/29/2022$290,929 $— $30,138 $(25,092)$320,626 $(34,742)4.0%$8,837 $1,044 
2,000 BTC(2)
3/1/2023102,516 — 22,874 (18,174)102,427 (4,611)4.0%3,125 334 
35,000 ETH
3/1/202388,234 — — — 110,381 (22,147)4.0%2,338 380 
500 BTC
5/11/202346,683 — — — 57,031 (10,347)4.0%1,527 186 
340 BTC
10/31/202331,745 — — — 38,781 (7,036)5.0%1,299 158 
5,200 ETH(3)
1/27/2025— 16,544 19,493 (2,949)— — 4.3%251 — 
3,000 ETH(4)
2/7/2025— 7,867 11,369 (3,502)— — 4.3%141 — 
5,280 ETH(5)
2/28/2025— 11,696 19,271 (7,575)— — 4.3%192 — 
3,400 ETH(6)
3/10/2025— 6,338 8,417 (2,079)— — 4.3%51 — 
86 BTC(7)
3/11/2025— 7,130 8,871 (1,740)— — 4.3%60 — 
2,500 ETH(8)
3/28/2025— 4,739 6,189 (1,450)— — 4.3%27 — 
10,000 ETH(9)
4/7/2025— 15,525 24,756 (9,231)— — 4.0%79 — 
1,275 BTC
7/24/2025— 150,959 — — 145,428 5,531 4.3%1,173 503 
Total$560,107 $220,798 $151,378 $(71,792)$774,674 $(73,352)$19,100 $2,605 
__________________
(1) 305 bitcoin ("BTC") was repaid during the nine months ended September 30, 2025.
(2) 200 bitcoin was repaid during the nine months ended September 30, 2025.
(3) 5,200 ether ("ETH") was repaid during the nine months ended September 30, 2025.
(4) 3,000 ether was repaid during the nine months ended September 30, 2025.
(5) 5,280 ether was repaid during the nine months ended September 30, 2025.
(6) 3,400 ether was repaid during the nine months ended September 30, 2025.
(7) 86 bitcoin was repaid during the nine months ended September 30, 2025.
(8) 2,500 ether was repaid during the nine months ended September 30, 2025.
(9) 10,000 ether was repaid during the nine months ended September 30, 2025.
(10) Prior year interest accrued of $2.1 million was paid during the nine months ended September 30, 2025.
(11) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of September 30, 2025.
(12) 5,824 bitcoin and 26,629 ether was outstanding as of the nine months ended September 30, 2025.

    On January 27, 2025, February 7, 2025, February 28, 2025, March 10, 2025, March 11, 2025, March 28, 2025, April 7, 2025, and July 24, 2025 the Company entered into additional lending agreements with WCF. The Company will primarily use the crypto assets from these agreements as collateral for third party loans. Refer to Note 14. Third Party Loans for additional information.
Crypto asset loans as of December 31, 2024 (in thousands):

Loan(6)
Draw DatePrincipal Outstanding as of 12.31.23Amount BorrowedAmount RepaidRealized Gain (Loss)Principal Outstanding as of 12.31.24Unrealized Gain (Loss)Interest Rate
Interest Expense (4)
Interest Payable(5)
5,000 BTC(1)
12/29/2022$211,948 $— $123,155 $(91,991)$290,929 $(110,146)4.0%$9,497 $1,037 
30,000 ETH
12/29/202220,669 — 29,790 (18,990)— 9,868 4.0%655 — 
2,000 BTC(2)
3/1/202384,779 — 63,889 (42,689)102,516 (38,938)4.0%3,620 376 
35,000 ETH(3)
3/1/202380,378 — 29,247 (15,571)88,234 (21,532)4.0%3,590 334 
1,400 BTC
5/24/20234,239 — 6,182 (3,553)— 1,610 4.0%30 — 
20,650 ETH
5/24/202324,802 — 32,224 (12,853)— 5,432 4.0%140 — 
500 BTC
5/11/202321,195 — — — 46,683 (25,488)4.0%1,317 166 
340 BTC
10/31/202314,412 — — — 31,745 (17,332)5.0%1,119 142 
240 BTC
5/1/2024— 13,962 16,286 (2,324)— — 8.0%102 — 
6,750 ETH
5/1/2024— 19,765 25,441 (5,676)— — 8.0%145 — 
250 BTC
7/5/2024— 14,006 22,007 (8,001)— — 5.0%280 — 
4,150 ETH
7/5/2024— 12,420 13,473 (1,054)— — 5.0%200 — 
7,500 ETH
8/5/2024— 17,663 30,038 (12,374)— — 5.0%342 — 
235 BTC
10/31/2024— 16,497 22,230 (5,733)— — 4.5%62 — 
Total$462,422 $94,313 $413,962 $(220,809)$560,107 $(196,526)$21,099 $2,055 
__________________
(1) 1,884 bitcoin was repaid during the year ended December 31, 2024.
(2) 902 bitcoin was repaid during the year ended December 31, 2024.
(3) 8,371 ether was repaid during the year ended December 31, 2024.
(4) Prior year interest accrued of $1.6 million was paid during the year ended December 31, 2024.
(5) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of December 31, 2024.
(6) 5,054 bitcoin and 26,629 ether was outstanding as of the year ended December 31, 2024.

On December 29, 2022, the Company entered into an additional lending agreement for 5,000 bitcoin and an ether lending agreement for 30,000 ether to provide additional funding for its wholly owned subsidiaries. 21,000 of this ether was repaid to WCF during the year ended December 31, 2023. On August 3, 2023, the terms of the remaining 9,000 ether were modified and a new agreement was papered allowing the Company to sell the ether for proceeds of $16.5 million and contribute the proceeds to its wholly owned subsidiaries to finance its business operations.

On March 1, 2023, May 24, 2023, May 1, 2024, July 5, 2024, August 5, 2024 and October 31, 2024, the Company entered into additional lending agreements with WCF. The Company will primarily use the crypto assets from these agreements as collateral for third party loans. Refer to Note 14. Third Party Loans for additional information.

On May 11, 2023 and October 31, 2023 the Company entered into agreements with WCF for 500 bitcoin and 340 bitcoin, respectively, for purposes of enabling subsidiaries of the Company to pledge bitcoin to the surety parties to satisfy the collateral requirements as part of the bond application process. The 500 bitcoin loan pledged 320 of the bitcoin as collateral to satisfy these collateral requirements.

Convertible notes

The convertible notes entered into by the Company are summarized below (in thousands). The aggregate principal amount of these notes is to be used for general operating activities.
Convertible notes as of September 30, 2025 (in thousands):

Loan(1)
Draw Date
Maturity Date(2)
Aggregate Principal AmountFair value of Principal Outstanding as of 12.31.242025 Amounts DrawnUnrealized LossChange in fair value attributable to instrument-specific credit riskConversion of convertible notes to common stock in connection with IPOInterest ExpenseInterest Payable
September Note (USD)9/15/20236/1/2027$50,000 $57,641 $— $6,581 $(223)$(72,279)$2,827 $— 
November Note (BTC)11/22/20236/1/202754,671 63,027 — 7,097 (240)(78,269)3,093 — 
December Note (USD)12/27/20236/1/202750,000 57,642 — 6,389 (217)(70,804)2,827 — 
March Note (BTC)3/1/20246/1/202745,329 52,257 — 5,722 (195)(63,655)2,563 — 
Total$200,000 $230,567 $— $25,789 $(875)$(285,007)$11,310 $— 
__________________
(1) The effective interest rate for all convertible notes is 8.0%.
(2) The maturity date was extended on May 15, 2025.

Convertible notes as of December 31, 2024 (in thousands):

Loan(1)
Draw DateMaturity DateAggregate Principal AmountFair value of Principal Outstanding as of 12.31.232024 Amounts DrawnUnrealized LossChange in fair value attributable to instrument-specific credit riskInterest Expense
Interest Payable(3)(4)
September Note (USD)9/15/20239/15/2025$50,000 $51,335 $— $7,101 $(243)$4,000 $5,450 
November Note (BTC)11/22/202311/22/202554,671 56,131 — 7,647 (263)4,374 5,295 
December Note (USD)12/27/202312/27/202550,000 26,111 24,568 7,821 (510)3,794 4,163 
March Note (BTC)(2)
3/1/20243/1/202645,329 — 45,329 8,094 (890)3,032 3,308 
Total$200,000 $133,577 $69,897 $30,663 $(1,906)$15,200 $18,216 
__________________
(1) The effective interest rate for all convertible notes is 8.0%.
(2) The $45.3 million drawdown is denominated in USD but was received as 734 BTC. The 734 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $68.6 million as of December 31, 2024.
(3) Outstanding interest balances payable to WCF are included in Related party convertible notes on the condensed consolidated balance sheets as of December 31, 2024.
(4) Includes $1.6 million of fair value adjustments consisting of a $1.7 million unrealized loss and a $0.1 million gain related to change in fair value related to instrument-specific credit risk.

On September 15, 2023, the Company entered into a Convertible Note Agreement (“September Note”) with WCF, whereby the September Note may become one of multiple notes with identical terms that may be issued during a period of up to four months after the effective date. The Company may borrow up to an aggregate principal amount of $50.0 million to be used for general operating purposes. The Company has drawn the full $50.0 million, $28.5 million of which was drawn in September 2023 and $21.5 million in October 2023.

On November 22, 2023, the Company entered into a second Convertible Note Agreement (“November Note”), with WCF which included the same terms and conditions as the aforementioned September Note. The Company has drawn the full $54.7 million in November 2023.

On December 27, 2023, the Company entered into a third Convertible Note Agreement ("December Note"), which included the same terms and conditions as the aforementioned September and November Note. Under the December Note, the Company may borrow up to an aggregate principal amount of $50.0 million to be used for
general corporate purposes. The Company has drawn the full $50.0 million, $25.4 million of which was drawn in December 2023 and $24.6 million in January and February 2024.

On March 1, 2024, the Company entered into a fourth Convertible Note Agreement ("March Note"), which included the same terms and conditions as the aforementioned September, November, and December Note (collectively the “Convertible Notes”). Under the March Note, the Company may borrow up to an aggregate principal amount of $45.3 million to be used for general operating purposes. The Company has drawn the full $45.3 million in March 2024.

    On May 15, 2025, WCF exercised its rights under the September Note, November Note, December Note, and March Note to extend the maturity date to June 1, 2027.

The Convertible Notes are a general unsecured obligation of the Company and will be subordinate in right of payment to all existing and future outstanding borrowings that are due from the Company and its affiliates to WCF (and any applicable affiliates) under applicable loan documents, including borrowings denominated in BTC and ETH, whether or not secured. The Convertible Notes accrue a simple 8.0% interest payable at the earlier of the (i) maturity date or (ii) the date of conversion of the Convertible Notes into equity. In event of conversion of the Convertible Notes into equity, the payment of accrued interest on the Convertible Notes shall be paid in-kind as additional equity.

The Convertible Notes will be automatically convertible in connection with a qualified financing event where the Company issues convertible preferred units with aggregate gross proceeds to the Company of at least $50.0 million. The Convertible Notes and accrued interest will be automatically converted into Convertible Preferred Units, as defined below, of the same class, at a price per unit equal to 80% of the lowest price per unit paid by the other purchasers of the convertible preferred units sold in the qualified financing event. If the Company enters into a non-qualified financing event where the Company receives proceeds of less than $50.0 million, WCF has the option to convert the outstanding principal and interest amount under the Convertible Notes into convertible preferred units of the same class, at a price per unit equal to 80% of the lowest price per unit paid by the other purchasers of the convertible preferred units.

After the respective maturity dates, defined in the tables above, WCF has the option to convert all principal and interest outstanding into units of the Company’s Series B preferred units at a price per unit equal to 80% of the lowest original issue price per unit of such Series B preferred units.

In the event the Company undergoes a change in control event, the Company will pay WCF the price per unit in equity or cash (at the sole discretion of WCF) that would result from converting the outstanding principal amount under the Convertible Notes and all the accrued interest thereon immediately prior to the change in control event at price per unit equal to 80% of the lowest price per unit offered in the change of control event, or repay WCF the outstanding principal and interest under the Convertible Notes.

Lastly, upon a public company event, the Convertible Notes including principal and interest will be automatically converted immediately prior to such public company event into Common Units in the Company at a price per unit equal to eighty percent (80%) of the price per common unit implied in the public company event.

In connection with the IPO in September 2025, approximately $285 million in principal amount (plus accrued and unpaid interest thereon) in the Convertible Notes outstanding automatically converted into 10.2 million shares of Class B common stock, pursuant to the terms at a price per share equal to $22.40, or 80% of the IPO price of $28.00 per share.

Term loan

    The term loans entered into by the Company are summarized below (in thousands). The aggregate principal amount is to be used for general business purposes of the Company and its wholly owned subsidiaries.

    Term Loans as of September 30, 2025 (in thousands):
Loan(1)(2)
Draw Date
Maturity Date(3)
Aggregate Principal Amount
Fair value of Principal Outstanding as of 12.31.24(4)
2025 Amounts Drawn(4)
Unrealized lossChange in fair value attributable to instrument-specific credit riskConversion of convertible notes to common stock in connection with IPOInterest ExpenseInterest Payable
2024 Term Loan5/16/20246/1/2027$275,000 $230,704 $44,296 $76,424 $(2,594)$(369,146)$13,811 $— 
2025 Term Loan1/23/20256/1/2027200,000 — 168,462 42,885 198 (215,414)3,869 — 
Total$475,000 $230,704 $212,758 $119,309 $(2,396)$(584,560)$17,680 $— 
__________________
(1) The term loans are stated at an interest rate of no less than 4.0% and no greater than 16.0%. As of September 30, 2025 the blended interest rates were 6.9% and 7.3% for the 2024 and 2025 Term Loans, respectively.
(2) On January 23, 2025, the 2024 Term Loan was amended such that upon a public company event it will be automatically converted into Common Units in the Company.
(3) The maturity date was extended on May 15, 2025.
(4) The $443.5 million principal outstanding is denominated in USD but was received as 4,841 BTC, 9,000 ETH, and $26.9 million, of which, 3,241 BTC, 9,000 ETH, and $26.9 million were used during the nine months ended September 30, 2025 for general business purposes. The remaining 1,600 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $182.5 million as of September 30, 2025.

Term Loans as of December 31, 2024 (in thousands):

Loan(1)
Draw DateMaturity DateAggregate Principal Amount
Amount Borrowed(2)
Amount RepaidPrincipal Outstanding as of 12.31.24Interest Expense
Interest Payable(3)
2024 Term Loan5/16/20243/1/2026$275,000 $230,704 $— $230,704 $6,505 $6,505 
_______________________
(1) The term loan is stated at an interest rate of no less than 4.0% and no greater than 16.0%. As of December 31, 2024 the blended interest rate was 6.8%.
(2) The $230.7 million principal outstanding is denominated in USD but was received as 2,834 BTC, 9,000 ETH, and $11.8 million, of which, 1,234 BTC, 9,000 ETH, and $11.8 million were used during the year for general business purposes. The remaining 1,600 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $149.4 million as of December 31, 2024.
(3) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of December 31, 2024.

On May 16, 2024, Gemini entered into a term loan agreement with WCF (the "2024 Term Loan"), for a U.S. dollar denominated principal amount of up to $275.0 million to be funded in bitcoin, ether, or such other cryptocurrency at an interest rate of no less than 4.0% and no greater than 16.0% per annum with an initial maturity date of March 1, 2026.

    On January 23, 2025, Gemini entered into a term loan agreement with WCF (the "2025 Term Loan"), to make loan requests from time to time of a U.S. dollar denominated principal amount of up to $200.0 million to be funded in bitcoin, ether, or such other cryptocurrency at an interest rate of no less than 4.0% and no greater than 16.0% per annum with an initial maturity date of March 1, 2026. Upon a public company event, the 2025 Term Loan including principal and interest will be automatically converted immediately prior to such public company event into common units in the Company at a price per unit equal to eighty percent (80%) of the price per common unit implied in the public company event.

On January 23, 2025, the 2024 Term Loan was amended such that upon a public company event, the 2024 Term Loan including principal and interest will be automatically converted immediately prior to such public company event into common units in the Company at a price per unit equal to eighty percent (80%) of the price per common unit implied in the public company event.

    On May 15, 2025, WCF exercised its rights under the 2024 Term Loan and 2025 Term Loan (collectively the “Term Loans”) to extend the maturity date to June 1, 2027.
In connection with the IPO in September 2025, approximately $585 million in principal amount (plus accrued and unpaid interest thereon) in our related party term loans outstanding automatically converted into 20.9 million shares of Class B common stock, pursuant to the terms at a price per share equal to $22.40, or 80% of the IPO price of $28.00 per share.
Third Party Loans
Galaxy Digital LLC ("Galaxy") Loans

The Company entered into several loan agreements with Galaxy Digital LLC ("Galaxy"), a single unrelated third party as outlined in the table found below. The aggregate principal amount of these agreements is to be used for general operating activities.

Third party loans with Galaxy as of September 30, 2025 (in thousands):

LoanLoan DateMaturity DatePrincipal OutstandingInterest RateInterest Expense
Interest Payable(1)
Collateral Type(2)
Collateral Rate (Initial Collateral Level)(3)
Loan 135/29/2024Evergreen51,900 11.0%4,329 476 BTC145%
Loan 145/29/2024Evergreen54,600 11.0%4,555 500 ETH155%
Loan 1511/1/2024Evergreen10,000 12.0%910 100 BTC145%
Total$116,500 $9,794 $1,076 
__________________
(1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of September 30, 2025.
(2) As of September 30, 2025, the Company has pledged 818 BTC and 20,960 ETH included in Receivable, crypto assets pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of September 30, 2025 was approximately $93.3 million, or 151%, for BTC loans; and $86.9 million, or 159%, for ETH loans.
(3) If the notional value of crypto assets pledged falls 10% from the initial collateral level there will be a margin call and additional crypto will need to be pledged to reset the collateral balance to the initial collateral level.
Third party loans with Galaxy as of December 31, 2024 (in thousands):

LoanLoan DateMaturity DatePrincipal OutstandingInterest RateInterest Expense
Interest Payable(9)
Collateral Type(10)
Collateral Rate (Initial Collateral Level)(11)
Loan 13/2/20233/5/2024$— 11.0%$577 $— ETH160%
Loan 23/2/20233/5/2024— 11.0%499 — BTC150%
Loan 34/27/20233/5/2024— 11.5%104 — ETH160%
Loan 44/27/20233/5/2024— 11.5%131 — BTC150%
Loan 55/24/20233/5/2024— 11.5%409 — ETH160%
Loan 65/24/20233/5/2024— 11.5%409 — BTC150%
Loan 7(1)
3/4/20243/31/2024— 11.5%209 — ETH160%
Loan 8(2)
3/4/2024Evergreen— 11.0%428 — BTC145%
Loan 9(3)
3/4/2024Evergreen— 11.0%243 — ETH155%
Loan 10(4)
3/28/20245/31/2024— 11.5%489 — ETH160%
Loan 11(5)
3/28/2024Evergreen— 11.0%967 — BTC145%
Loan 12(6)
3/28/2024Evergreen— 11.0%550 — ETH155%
Loan 13(7)
5/29/2024Evergreen51,900 11.0%3,410 492 BTC145%
Loan 14(8)
5/29/2024Evergreen54,600 11.0%3,570 517 ETH155%
Loan 1511/1/2024Evergreen10,000 12.0%203 103 BTC145%
Total$116,500 $12,198 $1,112 
__________________
(1) On March 4, 2024 an amended agreement was executed that restated loan 3 and loan 5 into loan 7. All of the terms and conditions are the same with the exception of the maturity date being extended to March 31, 2024.
(2) On March 4, 2024 an amended agreement was executed that restated loan 2, loan 4, and loan 6 into loan 8. All of the terms and conditions are the same with the exception of the maturity date being extended to Evergreen terms.
(3) On March 4, 2024 an amended agreement was executed that restated loan 1 into loan 9. All of the terms and conditions are the same with the exception of the maturity date being extended to Evergreen terms.
(4) On March 28, 2024 an amended agreement was executed that restated loan 7 into loan 10. All of the terms and conditions are the same with the exception of the maturity date being extended to May 31, 2024.
(5) On March 28, 2024 an amended agreement was executed that restated loan 8 into loan 11. All of the terms and conditions are the same.
(6) On March 28, 2024 an amended agreement was executed that restated loan 9 into loan 12. All of the terms and conditions are the same.
(7) On May 29, 2024 an amended agreement was executed that restated loan 11 into loan 13. All of the terms and conditions are the same.
(8) On May 29, 2024 an amended agreement was executed that aggregated the principal of loan 10 with loan 12 and restated them into loan 14. All of the terms and conditions are the same with the exception of loan 10's collateral rate, interest rate, and maturity date being updated to mirror the terms of loan 12.
(9) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of December 31, 2024.
(10) As of December 31, 2024, the Company has pledged 929 bitcoin and 24,625 ether included in Receivable, crypto assets pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of December 31, 2024 was approximately $86.7 million, or 140%, for BTC loans; and $81.6 million, or 149%, for ETH loans.
(11) If the notional value of crypto assets pledged falls 10% from the initial collateral level there will be a margin call and additional crypto will need to be pledged to reset the collateral balance to the initial collateral level.
New York Digital Investment Group Funding LLC ("NYDIG") Repurchase Agreement

On July 25, 2025, the Company entered into a $75.0 million repurchase agreement with NYDIG to facilitate a structured crypto asset financing arrangement involving bitcoin. Pursuant to the agreement, Gemini transferred 1,078 BTC with a nominal value of $125.25 million to NYDIG in exchange for cash proceeds of $75.0 million (the “Purchase Price”) and agreed to repurchase the same amount of BTC on June 30, 2026 at the Purchase Price plus an agreed annual interest rate of 8.50%. Gemini also agreed to provide additional collateral in the form of BTC such that the value of the BTC held by NYDIG in relation to the sale and repurchase agreement is between 143% and 200% of the $75.0 million Purchase Price.
Repurchase agreement as of September 30, 2025 (in thousands):

LoanLoan DateMaturity DatePrincipal OutstandingDiscountInterest RateInterest Expense
Interest Payable(1)
Collateral Type(2)
Collateral Rate(3)
NYDIG7/25/20256/30/2026$75,000 (600)6.5%$1,204 $531 BTC194%
__________________
(1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of September 30, 2025.
(2) As of September 30, 2025, the Company has pledged 1,275 BTC included in Crypto assets held on the condensed consolidated balance sheets. Total collateral associated with these loans as of September 30, 2025 was approximately $145.4 million, or 194%.
(3) Of the 1,275 BTC pledged, 197 BTC is subject to a margin call. If the value of the BTC held by NYDIG falls below the 143% buyer’s margin call requirement, Gemini must send additional BTC to NYDIG to meet the 143% requirement. If the value of BTC held by NYDIG increases above the 200% seller’s margin call requirement, NYDIG must send BTC back to Gemini to meet the 200% requirement. As of September 30, 2025, the collateral rate of the BTC held by NYDIG was 194%.
Funding Debt
In July 2025, the Company entered into a $75.0 million warehouse credit agreement with Ripple Labs Inc. (“Ripple”), an unrelated third party, to finance credit card receivables. Pursuant to the agreement, Ripple has agreed to lend the Company $75.0 million, which can be increased subject to the attainment of certain agreed upon metrics. At no time shall the aggregate commitment amount exceed $150.0 million. Ripple has the right to restrict additional drawdowns on the warehouse credit facility if the Company does not maintain at least $50 million equivalent of USD denominated Ripple stablecoin ("RLUSD") in its wallets held on its exchange platform by January 11, 2026. The debt is collateralized by the credit card receivables purchased by the Company, and has an initial interest rate of 6.5%, which can be increased to 8.5% if the Company does not maintain at least $50.0 million equivalent of RLUSD by October 11, 2025. During the three months ended September 30, 2025, the Company drew $99.0 million and subsequently repaid $50.2 million under the warehouse credit agreement. Accordingly, as of September 30, 2025, the Company had $26.1 million of unused, available borrowing capacity from the credit agreement. As of September 30, 2025, the Company pledged $67.9 million of credit card receivables as collateral associated with this loan. Credit card receivables pledged are included in Credit card receivables pledged on the condensed consolidated balance sheets. The securitized funding debt entered into by the Company is summarized below (in thousands).

Funding Debt as of September 30, 2025 (in thousands):

Loan(1)
Loan DateMaturity DatePrincipal Outstanding
Interest Rate(2)
Interest Expense
Interest Payable(3)
Ripple7/11/202511/15/2027$48,890 6.5%$314 $314 
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(1) As of September 30, 2025, the Company has pledged credit card receivables included in Credit card receivables pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of September 30, 2025 was approximately $67.9 million.
(2) The loan has an initial interest rate of 6.5%, which can be increased to 8.5% if the Company does not maintain at least $50.0 million equivalent of RLUSD by October 11, 2025.
(3) Outstanding interest balances payable for the securitized debt are included in Funding debt on the condensed consolidated balance sheets as of September 30, 2025.