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Gemini Space Station Stock Surges 14.3% on IPO Debut Amid Crypto Market Optimism
Gemini Space Station Stock Surges 14.3% on IPO Debut Amid Crypto Market Optimism
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Gemini Space Station (GEMI) soared 14.3% on its first trading day, defying a flat S&P 500 and modest Nasdaq gains. The Winklevoss twins-backed crypto exchange priced shares at $28 but opened at $37.01, peaking at $45.89 before settling at $32. The $425 million IPO marks the latest successful crypto-linked debut, following a blockchain lending platform's strong showing earlier this week.
Despite posting a $159 million 2024 net loss with accelerating losses this year, investor enthusiasm for crypto-native companies remains undiminished. The twins' regulatory advocacy and Facebook notoriety continue drawing attention to their crypto ventures, even as financial fundamentals lag behind market momentum.
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