Shares in cryptocurrency brokerage Gemini Space Station (GEMI) jumped more than 60% after opening for public trading on Friday, before paring those gains to finish around 14% higher.
Gemini Space Station, an exchange founded by brothers Cameron and Tyler Winklevoss, opened at $37.01 after its IPO was priced at $28. It surged higher than $45 in the minutes after the stock’s public offering before falling to around $35. The midday trading price values the company at roughly $1.4 billion.
Trading was halted for 10 minutes shortly after opening on public markets following a volatility spike outside of the exchanges’ accepted limits.
The company’s IPO pricing represented an increase over an original estimate of $17 to $19, which was then raised to $24 to $26. The offering raised $425 million.
Read more about Gemini’s opening stock moves and today’s market action.
Gemini is looking to capitalize on the rapid uptick in valuations and successful IPOs for crypto-related companies. In June, stablecoin infrastructure operator Circle Internet Group (CRCL) priced its IPO at $31 and then closed its first day at $83.23. Its stock has popped some 80% so far. Two months later, fintech crypto exchange Bullish (BLSH) priced in August at $37 and closed its first session at $68.
Most recently, stablecoin issuer Figure Technologies (FIGR) debuted on Thursday. Its stock rose 44% from its IPO price and continued that uptick on Friday.
Tech IPOs on the New York Stock Exchange have averaged a first-day return over the past year of 36.3%.
Gemini holds more than $21 billion in assets and serves approximately 10,000 institutions globally, according to the firm’s IPO prospectus. Along with its core crypto exchange, the company offers a stablecoin, a US credit card, and studio for nonfungible tokens (NFTs).
“We built Gemini as a bridge to the future of money,” the brothers wrote in a statement about the IPO. “Whether you’re in the middle of a bustling metropolis or in the middle of a remote jungle, the Gemini app will give you access to the future of money and finance.”
Cameron and Tyler Winklevoss initially rose to prominence after suing Meta chief Mark Zuckerberg for allegedly stealing the idea for Facebook from a social networking platform the brothers had built.
Correction: A previous version of this article stated that Gemini debuted on the New York Stock Exchange. It began trading on the Nasdaq. We regret the error.
