Shares of Gemini (GEMI), the cryptocurrency 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 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. The stock opened at $37.01 and closed 14% higher on its first trading day.
The IPO raised $425 million through the sale of 15.2 million shares. Headquartered in New York, Gemini provides a full suite of crypto services, including a spot exchange, institutional custody, a U.S. dollar-backed stablecoin, a crypto rewards credit card, and staking offerings. As of July-end, the platform held more than $21 billion in assets.
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