**[Analysis: Gemini Allocates 30% of IPO Shares to Retail Investors, Potentially Avoiding "First-Day Surge but Unsustainable" Market Risk]** Odaily Planet Daily reports that the recently listed crypto-related stocks Bullish, Circle, and Figma have all seen their share prices retreat from early highs, highlighting the market's tendency for first-day surges that are often unsustainable. However, cryptocurrency platform Gemini Space Station, which went public this Friday, allocated nearly 30% of its IPO shares to retail investors—far exceeding the traditional 6% allocation. The stock closed up 14% on its first day at $32, giving the company a market valuation of approximately $3.8 billion. Last month, cryptocurrency exchange Bullish also allocated 20% of its shares to retail investors during its IPO. Industry insiders suggest that a significant retail allocation helps mitigate the risk of larger first-day price surges. Analysts believe this trend reflects a broader rethinking of IPO pricing strategies. This year, several major IPOs experienced sharp first-day price increases, which, while seemingly positive, actually indicate that companies and early investors missed out on billions of dollars in potential fundraising. Wall Street bankers are now attempting to address this issue by increasing the proportion of shares allocated to retail investors. (The Wall Street Journal)