Shares of Gemini Space Station rallied 14% on Friday after the exchange operator raised $425 million in an initial public offering.

The stock opened at $37.01 on the Nasdaq, about 32% above where its IPO was priced at $28 . At one point, shares traded as high as $45.89. The stock closed higher by 14.3%, at $32.

The New York-based company priced its IPO late Thursday above this week's expected range of $24 to $26, and an initial range of between $17 and $19. That valued the company at some $3.3 billion before trading began.

Gemini, which primarily operates as a cryptocurrency exchange, was founded by the Winklevoss brothers in 2014 and held more than $21 billion of assets on its platform as of the end of July. Per its registration with the Securities and Exchange Commission

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