Shares of Gemini Space Station soared more than 40% on Thursday after the exchange operator raised $425 million in an initial public offering.

The stock opened at $37.01 on the Nasdaq after its IPO priced at $28. At one point, shares traded as high as $40.71.

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, Gemini posted a net loss of $159 million in 2024, and in the first half of this year, it lost $283 million.

The company also offers a U.S. dollar-backed stablecoin, credit cards with a crypto-back rewards program and a custody service for institutions.

The Winklevoss brothers were among the earliest bitcoin investors and first bitcoin billionaires. They have long held that bitcoin is a superior store of value than gold. On Friday morning, they told CNBC’s “Squawk Box” they see its price reaching $1 million a decade from now.

In 2013, they were the first to apply to launch a bitcoin exchange-traded fund, more than 10 years before the first bitcoin ETFs would eventually be approved. The Securities and Exchange Commission’s rejection of the application, which cited risk of fraud and market manipulation, set the stage for the bitcoin ETF debate in the years to come.

Even in the early days, when bitcoin was notorious for its extreme volatility and anti-establishment roots and shunned by Wall Street, the Winklevoss brothers were outspoken about the need for smart regulation that would establish rules for the crypto-led financial revolution.

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Opendoor co-founder and newly minted board chair Keith Rabois said remote work and a “bloated” workforce have been a drag on the company’s culture, as he vowed to slash headcount.

“There’s 1,400 employees at Opendoor. I don’t know what most of them do. We don’t need more than 200 of them,” Rabois told CNBC’s “Squawk on the Street” on Friday.

The online real-estate platform on Wednesday appointed former Shopify executive Kaz Nejatian as its new CEO after investor pressure caused his predecessor, Carrie Wheeler, to resign last month. Opendoor also named Rabois as chairman and said Eric Wu, who served as the company’s first CEO before stepping down in 2023, would return to the board.

The announcement sent Opendoor shares soaring 78% on Thursday, before the stock slid more than 12% on Friday. It is still up almost 500% this year, after an army of retail investors pushed up the stock price when hedge fund manager Eric Jackson began touting the company.

Opendoor’s business involves using technology to buy and sell homes, pocketing the gains.

Nothing has fundamentally improved for the company since Jackson bought shares of Opendoor in July. Opendoor remains a cash-burning, low-margin business with meager near-term growth prospects.

Rabois said he has a “high level view of the strategy” that’s needed to transform Opendoor, and that the headcount reductions are necessary to resolve the company’s cash burn.

“The culture was broken,” Rabois said. “These people were working remotely. That doesn’t work. This company was founded on the principle of innovation and working together in person. We’re going to return to our roots.”

He added that Opendoor “went down this DEI path,” referring to diversity, equity and inclusion.

“We’re gonna fix all that,” Rabois said.

The Federal Aviation Administration said Friday it is launching a pilot program to speed up the rollout of air taxis.

Archer Aviation and Joby Aviation, major players in the electric vertical takeoff and landing, or eVTOL, space, said they are participating in the program. Shares of each were higher on Friday.

The program will establish at least five projects through public-private partnerships with state and local governments to promote safe usage of eVTOL aircraft.

“The next great technological revolution in aviation is here,” said U.S. Transportation Secretary Sean Duffy in a release. “The United States will lead the way, and doing so will cement America’s status as a global leader in transportation innovation.”

Archer said supervised trials could begin in the U.S. as soon as next year, ahead of FAA certification. Joby is set to begin FAA flight testing early next year.

The announcement follows President Donald Trump‘s executive order in June that included the creation of an eVTOL pilot program to foster safe development and deployment in the U.S.

Proponents of eVTOL have touted the technology as a method to slash emissions and ease traffic. Archer, Joby and their competitors have been steadily working toward FAA approval.

Joby called the program a “critical step” in the path toward widespread air taxi service in the U.S. Archer CEO Adam Goldstein dubbed the announcement a “landmark moment” that allows the company to work with partners such as United Airlines to trial aircraft.

“These early flights will help cement American leadership in advanced aviation and set the stage for scaled commercial operations in the U.S. and beyond,” he wrote.

Both companies have made strides testing their products through partnerships in the Middle East.