Despite Day’s Rally, Gemini Shares Still Lag Behind IPO Price

Shares of Gemini (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, traded below their IPO price on Thursday, at roughly $25.15 compared with the $28 offering price.

The stock rose 2.5% on the day after recouping earlier losses, following a drop below the IPO level on Wednesday. Gemini went public last week at $28 per share, giving the company a valuation above $3 billion. On debut, shares opened at $37.01 and closed 14% higher.

The IPO raised $425 million through the sale of 15.2 million shares. Based in New York, Gemini offers a suite of crypto services, including a spot exchange, institutional custody, a U.S. dollar-backed stablecoin, a crypto rewards credit card, and staking products. As of July-end, the platform held over $21 billion in assets.