Gemini Shares Fall Below IPO Level Despite Daily Gains

Shares of Gemini (GEMI), the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, traded below their IPO price on Thursday, changing hands around $25.15 versus 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 exceeding $3 billion. The stock opened above the IPO at $37.01 and closed 14% higher on debut day.

The initial public offering raised $425 million through the sale of 15.2 million shares.

Headquartered in New York, Gemini offers a range of cryptocurrency 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 the end of July, the exchange held over $21 billion in assets on its platform.

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