Shares of crypto custodian BitGo (BTGO), which began trading on the New York Stock Exchange Thursday, fell 12% by midday Friday, underperforming other crypto-related stocks.
After debuting at $18 per share, BitGo briefly reached $24 but was last trading around $16.53, roughly 8% below its IPO price.
The broader crypto market saw mixed action following a volatile week. Bitcoin dropped from about $95,000 late last week to near $90,000, while some crypto-linked equities posted modest gains. Galaxy Digital (GLXY) and Riot Platforms (RIOT) each rose 3%, Strategy (MSTR) gained 2%, and Hut 8 (HUT) climbed 7%.
BitGo provides custody and security services for digital assets. Its IPO, which valued the firm at around $2 billion, is the first by a crypto company in 2026. It follows an IPO-heavy 2025 that saw listings from stablecoin issuer Circle (CRCL), digital asset platform Bullish (BLSH), and crypto exchange Gemini (GEMI).
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