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.
Share this content:
