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Crypto custodian BitGo down 12%, falling well below IPO price on second trading day
The company came public at around a $2 billion valuation on Thursday.
Jan 23, 2026, 5:06 p.m.
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What to know:
- Shares of BitGo fell about 12% on Friday, one day after their debut on the New York Stock Exchange.
- The stock, which went public at $18 per share, was trading at $16.53 at midday Friday.
- The crypto custodian’s $2 billion IPO was the first new crypto listing of 2026, following a busy 2025 that included offerings from Circle, Bullish and Gemini.
Shares of BitGo (BTGO), which went live on the New York Stock Exchange (NYSE) on Thursday, are down 12% midday on Friday, largely underperforming other crypto stocks.
The stock, which traded as high as $24 following its IPO at $18 per share, was last changing hands at $16.53, down 8% from that IPO price.
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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).
