Stock exchange shares Gemini Space Station, led by brothers Tyler and Cameron Winklevoss, has fallen below its IPO price of $28 less than a week after going public in the US.
According to Yahoo Finance, shares were trading higher on Wednesday. Gemini, listed under the ticker GEMI, fell 12,8% to close at $24,53, but rose 2,1% in after-hours trading. The company’s market capitalization fell to $2,9 billion.
The decline came amid a decline in several crypto-related stocks. Coinbase closed down 2,2% to $320,56, while Circle fell 2,8% to close at $131,04, according to data from The Block.
The Nasdaq Composite Index fell 0,33%, while the S&P 500 fell 0,1%. The Dow Jones Industrial Average rose 0,57%. This market reaction followed the US Federal Reserve’s announcement on Wednesday of a 25 basis point rate cut.
Meanwhile, on Monday, the court received a statement that the US Securities and Exchange Commission and Gemini Trust reached an «agreement in principle» to resolve the dispute. The regulator previously stated that the cryptocurrency exchange violated regulatory requirements when launching its crypto lending program.