Crypto custodian BitGo down 12%, falling well below IPO price on second trading day

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.

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).