According to online reports, the Wall Street Journal wrote an analysis and pointed out that the stock prices of Bullish, Circle and Figma have all fallen from their early highs, which seems difficult to solve the market rule that the first day's surge is often unsustainable. However, the cryptocurrency platform Gemini Space Station, which went public this Friday, reserved nearly 30% of the IPO share for retail investors, far exceeding the traditional 6% ratio. The stock closed up 14% on the first day to US$32, and the company's market value is about US$3.8 billion. Cryptocurrency exchange Bullish also placed 20% of its shares to retail investors when it went public last month. Relevant sources said that a large number of retail placements would help avoid a larger first-day surge. Analysts believe that behind this trend is actually a rethink of IPO pricing strategies. This year's number of large IPOs surged on the first day. Although it may seem good, it actually means that companies and early investors have missed out on billions of dollars in financing opportunities. Wall Street bankers are trying to alleviate this problem by increasing the retail ratio.