Shares in cryptocurrency brokerage Gemini Space Station (GEMI) jumped more than 60% after opening for public trading on Friday, before paring those gains to around 25%.
Gemini Space Station, an exchange founded by brothers Cameron and Tyler Winklevoss, opened at $37.01 after its IPO priced at $28. It higher than $45 in the minutes after the stock’s public offering, before falling to around $35. The mid-day trading price values the company at roughly $1.5 billion.
Trading was halted for 10 minutes shortly after opening for trading following a volatility spike outside of the exchange’s 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.
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. It 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.
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 also 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 (META) chief Mark Zuckerberg for allegedly stealing the idea for Facebook from a social networking platform the brothers had built.
