The stock of the US-based crypto exchange platform Gemini (GEMI) is seeing green on its first day of trading on the Nasdaq exchange after the firm’s pricier-than-expected initial public offering (IPO).
In a new press release, Gemini announced a $28 price tag per stock on its IPO, also giving investors a 30-day option to purchase between 300,565 and 458,364 shares of the stock to cover over-allotments.
GEMI – which launched September 12th on the Nasdaq – is trading for $32 at time of writing, a 14.3% increase on the day with a market cap of $1.39 billion. According to the press release, the IPO is expected to end on September 15th.
Earlier this month, it was reported that Gemini was creating an IPO with the banking giant Goldman Sachs, planning to sell 16.7 million shares of Class A common stock to raise funds. At the time, shares were expected to be priced at between $17 and $19.
Last month, Gemini teamed up with the payments firm Ripple to launch a co-branded credit card that utilizes the digital asset XRP.
The card allows users to earn up to 4% per purchase in XRP, the top crypto asset by market cap Bitcoin (BTC), or 50 other digital assets on Gemini’s suite of products, instantly depositing them into Gemini crypto wallets.
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