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Gemini Stock (GEMI) Plummets 14% as Post-IPO Euphoria Evaporates
Gemini Stock (GEMI) Plummets 14% as Post-IPO Euphoria Evaporates
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BTCCSquare news:
Gemini's high-flying IPO has hit turbulence. The cryptocurrency exchange's stock (GEMI) cratered 14% on September 16, erasing all post-debut gains and returning to its $28 offering price. This marks a 34% two-day plunge for the Winklevoss twins' platform, now trading at $28.13.
Market observers point to broader IPO fatigue after a summer of hot debuts. The rapid reversal suggests speculative appetite for crypto-adjacent equities may be waning. Wall Street analysts remain unsurprised—Gemini posted a $283 million H1 net loss, underscoring the challenges of scaling exchange profitability.
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