Shares of Gemini (GEMI), the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, traded below their IPO price on Thursday, at around $25.15 versus the $28 offering price.
The stock gained 2.5% on the day after recovering from earlier losses, following a decline below the IPO level on Wednesday. Gemini went public last week at $28 per share, giving the company a valuation exceeding $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. Headquartered in New York, Gemini provides a suite of crypto services including a spot exchange, institutional custody solutions, a U.S. dollar-backed stablecoin, a crypto rewards credit card, and staking offerings. As of the end of July, the platform held more than $21 billion in assets.
