The Winklevoss brothers' Gemini (GEMI.US) fell below its issuing price of $28 on Wednesday, causing its market value to evaporate to $2.9 billion.

Gemini Space Station (GEMI.US) stock price continued to fall on Wednesday, dropping below the IPO price of $28 just days after its listing in the United States. The current stock price closed at $24.53, with a daily decline of 12.8%, and the current market value is $2.9 billion. The company officially landed on the U.S. stock market on September 12th, with a significant increase on the first day of listing, but has since been under pressure. As the largest listed cryptocurrency competitor in the United States, Coinbase (COIN.US) also fell 2.2% on Wednesday, and the price of Bitcoin also dropped by nearly 1%. On the same day, the S&P 500 index and the tech-heavy Nasdaq 100 index also fell. The Federal Reserve announced a 25 basis point rate cut, the first of the year, with the market generally expecting further rate cuts in the future. Federal Reserve Chairman Jerome Powell pointed out that there are more signs of weakness in the job market, which was a key factor in the decision to cut interest rates at this time. According to documents submitted by Gemini to the U.S. Securities and Exchange Commission, the company was founded by brothers Cameron and Tyler Winklevoss in 2014, and the assets managed by the platform have exceeded $21 billion. Its business includes cryptocurrency exchanges, USD-backed stablecoins, cryptocurrency collateral services, digital asset custody, and credit cards that offer crypto rewards. In 2021, the company had reached a valuation of $7.1 billion through financing. Nasdaq committed to investing $50 million through private placement during the IPO. Of note, SEC documents revealed that Gemini's Chief Legal Officer Tyler Mead and Chief Operating Officer Marshall Billd reported multiple cases of insider stock trading on Monday.