Gemini's first-day IPO stock price soared above $40, and its valuation once reached $4.75 billion

According to Golden Finance, Gemini, a cryptocurrency company led by Winklevoss brothers, performed strongly on the first day of its listing in Nasdaq, with its share price once exceeding $40, pushing the company's valuation temporarily to about $4.75 billion. Gemini's IPO issuance of more than 15 million Class A shares, priced at US$28 per share and raised US$425 million, higher than the previous expected range of US$24 to US$26. Gemini was founded in 2014 and its business covers crypto trading platforms and custodial services. Bloomberg reports that after the listing, the Winklevoss brothers are expected to control about 94.5% of the voting rights. Gemini recorded a net loss of $282.5 million in the first half of the year. At the same time, another crypto company, Figure, closed about 24% from the issue price on the first day of its IPO this week, indicating that crypto companies' listing in the United States continues to be popular.