BitGo drops 12%, sinks below IPO price on day two

The company went public with an approximate valuation of $2 billion on Thursday. BitGo (BTGO) shares, which debuted on the New York Stock Exchange (NYSE) on Thursday, have declined by 12% by midday on Friday, significantly lagging behind other cryptocurrency firms.

The stock, which reached a peak of $24 after its IPO at $18 a share, was last traded at $16.53, reflecting an 8% decline from the IPO price.

BitGo drops 12%

After a difficult week in crypto as Bitcoin plunged from $95,000 towards the end of last week to its current $90,000, some crypto-related names are reclaiming a tiny bit of lost ground. Galaxy Digital (GLXY) is up 3% as is Riot Platforms (RIOT). Strategy (MSTR) is ahead 2%, and Hut 8 (HUT) 7%.

BitGo provides custody and security services for digital assets. Its IPO, which valued the company at about $2 billion, marks the first public offering for a crypto firm in 2026 after an IPO-heavy year in 2025. Among last year’s offerings: stablecoin issuer Circle (CRCL), digital asset platform Bullish (BLSH), and crypto exchange Gemini (GEMI).