BitGo’s stock fell 12% on its second trading day, dipping below its initial public offering price in the volatile cryptocurrency market.
The decline highlights market unpredictability for digital asset firms, impacting investor confidence and raising questions on valuation sustainability.
Crypto custodian BitGo’s stock fell 12% on the second trading day after its initial public offering. The company was priced at $18 per share. CEO Mike Belshe, who controls 56% of the voting power, previously highlighted the company’s federal charter approval, setting new standards for transparency and security in digital assets.
By becoming a federally chartered digital asset trust bank in the United States, BitGo is setting the new standard for transparency, security, and regulatory clarity across the evolving landscape of financial services. – Mike Belshe, CEO and Co-founder, BitGo
On the first day, shares opened at $22.43 and reached a high of $24.50, closing at around the IPO price of $18.49. The price fluctuation reflects broader market challenges, with major cryptocurrencies like Bitcoin falling below $90,000 amid wider crypto market volatility.
Past Crypto IPOs Show Similar Downtrends
In 2025, similar crypto IPOs including Circle and Gemini also faced declines during selloffs. BitGo’s performance aligns with this trend. SynFutures co-founder Wenny Cai highlighted impacts from more than $1 billion in liquidations, affecting crypto market prices, including that of BitGo.
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