Gemini’s Wall Street debut loses shine as crypto stock slides below IPO price

Gemini Space Station, the crypto firm led by Tyler and Cameron Winklevoss, saw its shares slide below its IPO price of $28, extending losses on Wednesday less than a week after it went public in the U.S.

Gemini's stock, listed under ticker GEMI, dropped 12.8% to close at $24.53 on Wednesday but edged up 2.1% in after-hours trading, according to Yahoo Finance data.

The stock had initially rallied when it began trading on Sept. 12 but has since reversed course. The company's current market capitalization stands at about $2.9 billion.

The decline came as several cryptocurrency-linked stocks traded lower. Coinbase closed down 2.2% at $320.56, while Circle dropped 2.8% to close at $131.04, according to The Block's dashboard.

The Nasdaq Composite index edged down 0.33%, while the S&P 500 was down 0.1%. The Dow Jones Industrial Average rose 0.57%. The market reaction came after the Federal Reserve announced its decision to cut rates by 25 basis points on Wednesday.

Meanwhile, a Monday court filing showed that the U.S. Securities and Exchange Commission and Gemini Trust have reached "a resolution in principle" to settle their dispute. The SEC had previously alleged that the cryptocurrency exchange violated regulatory requirements during the rollout of its crypto lending program.