Shares of cryptocurrency exchange Gemini (GEMI), founded by Cameron and Tyler Winklevoss, traded below their IPO price on Thursday, at approximately $25.15 versus the $28 offering.
The stock posted a 2.5% gain on the day after recovering from earlier losses, following a drop below the IPO level on Wednesday. Gemini went public last week at $28 per share, valuing the company at over $3 billion. On debut, the stock 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 offers a full range of crypto services, including a spot trading exchange, institutional custody solutions, a U.S. dollar-backed stablecoin, a crypto rewards credit card, and staking products. As of July-end, the platform held more than $21 billion in assets.
