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Gemini IPO Momentum Wanes as Shares Fall Below Offering Price
Gemini IPO Momentum Wanes as Shares Fall Below Offering Price
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BTCCSquare news:
Gemini Space Station's post-IPO performance mirrors the volatility often seen in crypto markets. The Winklevoss-founded exchange saw its shares drop 12% to $24, slipping below its $28 IPO price within days of debut. This pullback comes despite a strong initial showing that included a 14% first-day pop and a $45.89 intraday high.
The $425 million offering now carries a market cap below $3 billion, testing investor appetite for crypto-native businesses. Gemini's diversified offerings—from exchange services to stablecoins and custody solutions—haven't insulated it from broader market pressures. Nasdaq's concurrent $50 million private placement investment now appears prescient as regulatory headwinds intensify.
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