Crypto Exchange Gemini Shares Up 40% on First Day of Trading

Cryptocurrency exchange Gemini, founded by twins Cameron and Tyler Winklevoss, held its long-awaited IPO on the Nasdaq. Shares opened at $37,01 and rose more than 40% on the first day, peaking at $40,71. However, within hours they had slid to around $35.

Trading volume was significant, with more than 3,2 million shares traded in the first few hours. The stock exhibited significant volatility, leading to two trading halts in the first hour due to price swings exceeding Nasdaq’s allowable thresholds. The first halt occurred just 10 minutes after the market opened, when the stock had jumped above $45, according to Yahoo! Finance.

Public debut Gemini attracted extraordinary interest from investors: demand exceeded the number of available shares by more than 20 times. Therefore, the exchange decided to limit the proceeds from the initial public offering to $425 million, while reducing the number of shares from 16,67 million to 15,2 million.

Following the IPO, the Winklevoss twins, who own 75,37 million shares through Winklevoss Capital Fund LLC, valued their combined stake at about $3,07 billion.

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