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.