Shares of Gemini, the cryptocurrency exchange established by billionaire twins Cameron and Tyler Winklevoss, experienced trading under their initial public offering (IPO) price of $28 on Thursday, with prices hovering around $25.15. This represents a slight increase of 2.5% compared to earlier losses earlier in the day. The decline below the IPO price was first observed on Wednesday.
Gemini debuted on the stock market last week at an IPO price of $28 per share, which assigned a valuation of over $3 billion to the company. The stock initially opened strong, exceeding the IPO price at $37.01 and closing 14% higher on its first day of trading. The IPO successfully raised $425 million through the sale of 15.2 million shares.
Based in New York, Gemini offers a variety of cryptocurrency services that include a spot exchange, institutional custody solutions, a U.S. dollar-backed stablecoin, a crypto rewards credit card, and staking products. By the end of July, the platform had accumulated more than $21 billion in assets. However, recent trends indicate a continued struggle for the stock, as reflected in a 6% decline reported earlier, extending its slump to 24%.
