Gemini Space Station, Inc. (GEMI.US) stock continued its downward trajectory on Wednesday, falling below its IPO price of $28 just days after its U.S. market debut. The stock closed at $24.53, declining 12.8% for the day, bringing its current market capitalization to $2.9 billion.

The company officially went public on September 12, experiencing significant gains on its first trading day before facing sustained pressure. As the largest publicly traded cryptocurrency competitor, Coinbase (COIN.US) also fell 2.2% on Wednesday, while Bitcoin prices dropped nearly 1%. The S&P 500 and the tech-heavy Nasdaq 100 indices also declined during the session.

The Federal Reserve announced a 25 basis point rate cut on the same day, marking the first rate reduction this year, with markets widely expecting additional cuts ahead. Fed Chairman Jerome Powell noted that the labor market has shown more signs of weakness, which became a key factor in the decision-making process for the rate cut.

According to filings with the Securities and Exchange Commission, Gemini Space Station was founded by Cameron and Tyler Winklevoss in 2014. The platform manages assets exceeding $21 billion and operates across multiple business lines including cryptocurrency exchanges, USD-backed stablecoins, crypto asset staking services, digital asset custody, and credit cards offering crypto rewards. In 2021, the company achieved a valuation of $7.1 billion through fundraising.

Notably, Nasdaq committed to investing $50 million through private placement during the IPO process. SEC filings revealed that on Monday, Gemini's Chief Legal Officer Tyler Mead and Chief Operating Officer Marshall Beard reported multiple instances of insider stock trading.