Shares of Gemini (GEMI), the crypto exchange founded by billionaire twins Cameron and Tyler Winklevoss, were trading under their IPO price of $28 on Thursday, changing hands at about $25.15.
That marked a 2.5% gain on the day after the stock recouped earlier losses. The shares first broke below the IPO price on Wednesday.
Gemini went public last week at $28 a share, valuing the company at more than $3 billion. The stock opened above the IPO price, at $37.01, and closed 14% higher.
The offering raised $425 million through the sale of 15.2 million shares.
Gemini, headquartered in New York, operates a suite of crypto services including a spot exchange, custody solutions for institutions, a U.S. dollar-backed stablecoin, a crypto rewards credit card, and staking products.
As of the end of July, the crypto exchange held more than $21 billion of assets on its platform.
Read more: Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%
