BitGo’s IPO pop turns volatile as shares slip below offer price
The digital asset custodian’s choppy debut reflects shifting investor sentiment and tighter scrutiny of new listings as crypto markets struggle to regain momentum.
Shares of digital asset custodian BitGo Holdings (BTG) have swung sharply since the company’s public debut on the New York Stock Exchange on Thursday, with early gains quickly reversing as initial IPO enthusiasm cooled and investors moved to lock in profits.
BitGo priced its initial public offering at $18 a share and it jumped about 25% in its first day of trading, reflecting strong early demand. While the stock closed only modestly higher in its first full session, the rally proved short-lived.
Shares have since fallen below their IPO price, declining as much as 13.4% on Friday, according to Yahoo Finance data.