BitGo Stock Plunges Below IPO Price on Second Day of Trading
BitGo, a crypto custody and digital asset infrastructure provider, completed its IPO in 2026 on the New York Stock Exchange under the BTGO ticker, debuting at $18 per share—above the marketed range—raising over $212 million and valuing the company at just over $2 billion. Shares dropped nearly 22% on the second day of trading, closing at $14.50, despite positive movement in broader equity markets. Founded in 2013 by Mike Belshe and Ben Davenport, BitGo recently moved its headquarters to Sioux Falls, South Dakota. The company was instrumental in launching Wrapped Bitcoin (WBTC) in 2019, a token that enables Bitcoin to be used on Ethereum, reaching a market cap near $15 billion in 2025 before declining to $11 billion. Other crypto firms, such as KRAKacquisition Corp.—a blank check company affiliated with Kraken—are also pursuing IPOs, with plans to offer 25 million shares at $10 each and potential for broad merger activity.
