Analysis: Gemini reserves 30% IPO share for retail investors or allows them to avoid "first-day surge but difficult to maintain" market risk

The Wall Street Journal wrote an analysis that Bullish, Circle and Figma's stock prices have all fallen from their early highs, which seems to be difficult to solve the market law that the first-day surge is often unsustainable. However, Gemini Space Station, a cryptocurrency platform listed on Friday, reserved nearly 30% of the IPO share for retail investors, far exceeding the traditional 6% ratio. The stock closed up 14% to $32 on the first day, and the company's market value is about $3.80 billion. Last month, the cryptocurrency exchange Bullish also placed 20% of its shares to retail investors when it went public. Relevant people said that a large number of retail placements would help avoid a larger first-day surge.
The analysis believes that behind this trend is actually a rethinking of IPO pricing strategies. This year, a number of large IPOs have skyrocketed on the first day. Although seemingly positive, it actually means that companies and early investors have missed billions of dollars in financing opportunities. Wall Street bankers are trying to alleviate this problem by increasing the proportion of retail investors.