Gemini Stock Opens Above IPO Price, Then Slips, in Trading Debut
Shares of Gemini (GEMI) popped on their trading debut, then gave up ground.
The crypto exchange’s stock, which opened at $37—well above its $28 IPO price—closed Friday at $32, near its low of around $31 and off earlier highs around $46. Twin brothers Tyler and Cameron Winklevoss, the company’s founders, rang the opening bell at the Nasdaq in New York City Friday wearing t-shirts picturing a rocket in space.
Gemini, founded in 2014, set its IPO price overnight, arriving above an already-boosted expected range of $24 to $26. The company, officially known as Gemini Space Station, sold 15.1 million Class A shares, fewer than previously expected, but at a higher price. The deal raised $425 million, according to the company, which…
