Crypto firm BitGo sinks 12%, trading beneath IPO price on second day

Shares of crypto custodian BitGo (BTGO), which debuted on the New York Stock Exchange Thursday, fell 12% by midday Friday, underperforming other crypto-related stocks.

Following its IPO price of $18 per share, BitGo briefly climbed to $24 before retreating to $16.53, about 8% below the offering price.

The broader crypto market posted mixed results after a turbulent week. Bitcoin slid from roughly $95,000 late last week to near $90,000, while select crypto equities made modest gains. Galaxy Digital (GLXY) and Riot Platforms (RIOT) each rose 3%, Strategy (MSTR) added 2%, and Hut 8 (HUT) climbed 7%.

BitGo, which offers custody and security services for digital assets, was valued at approximately $2 billion in its IPO. It is the first crypto firm to go public in 2026, following an IPO-heavy 2025 that included stablecoin issuer Circle (CRCL), digital asset platform Bullish (BLSH), and crypto exchange Gemini (GEMI).

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