Gemini Stock Trades Below IPO Price Despite Day’s Gains

Gemini's shares (GEMI) traded at approximately $25.15, below the IPO price of $28.
The stock saw a 2.5% gain after recovering earlier losses, having dropped below the IPO price on Wednesday.
Gemini went public last week with an IPO price of $28 per share, valuating the company at over $3 billion.
The stock initially opened at $37.01 and closed 14% higher than the IPO price.
The IPO raised $425 million from selling 15.2 million shares.
Headquartered in New York, Gemini offers services including a spot exchange, institutional custody solutions, a USD-backed stablecoin, a crypto rewards credit card, and staking products.
As of July-end, Gemini held over $21 billion in assets on its platform.