BitGo’s stock fell nearly 22% on its second day of trading, dipping below its IPO price, despite a generally positive week for broader markets.
The digital asset custody firm debuted on Thursday at $18 per share, above the marketed range of $15–$17, raising over $212 million and valuing the company at just over $2 billion. By Friday, shares closed at $14.50.
The decline comes even as the S&P 500 rose 0.03% and the Nasdaq gained 0.28% on Friday, showing that BitGo’s drop was largely isolated to the company.
Founded in 2013 by CEO Mike Belshe and CTO Ben Davenport, BitGo provides crypto custody and digital asset infrastructure. The firm helped launch Wrapped Bitcoin (WBTC) in 2019, enabling Bitcoin liquidity on the Ethereum network.
BitGo recently relocated its headquarters from Palo Alto, California to Sioux Falls, South Dakota. At the IPO, Belshe described the team as “constantly growing and turning this into something out of nothing.”
Investors are already eyeing future crypto IPOs. Kraken-linked KRAKacquisition Corp. plans to offer 25 million shares at $10 each, with no target company selected yet. The blank check firm aims to merge with any business in the crypto or broader financial sector.
While BitGo faces a rough start as a public company, analysts note that investor interest in crypto infrastructure and altcoins remains strong, suggesting that future IPOs could still find traction despite early volatility.
