Crypto Exchange Gemini's Stock Trades Below IPO Price Despite Day’s Gains

Core Insights - Gemini's shares are currently trading below their IPO price of $28, at approximately $25.15, reflecting a 2.5% gain on the day after recovering from earlier losses [1] - The company went public last week at $28 per share, achieving a valuation of over $3 billion, with the stock initially opening at $37.01 and closing 14% higher [1][2] - The IPO raised $425 million through the sale of 15.2 million shares [2] Company Overview - Gemini, based in New York, offers a range of crypto services, including a spot exchange, custody solutions for institutions, a U.S. dollar-backed stablecoin, a crypto rewards credit card, and staking products [2] - As of the end of July, Gemini held over $21 billion in assets on its platform [2]