Shares of crypto custodian BitGo (BTGO), which debuted on the New York Stock Exchange (NYSE) Thursday, fell 12% by midday Friday, underperforming other crypto-related stocks.
Following its IPO price of $18 per share, BitGo briefly traded as high as $24 but was last changing hands at $16.53, down roughly 8% from the offering price.
The broader crypto market has seen mixed moves after a volatile week. Bitcoin slid from around $95,000 late last week to near $90,000, while some crypto-linked equities have clawed back modest gains. Galaxy Digital (GLXY) and Riot Platforms (RIOT) were up 3% each, Strategy (MSTR) rose 2%, and Hut 8 (HUT) gained 7%.
BitGo offers custody and security services for digital assets. Its IPO, which valued the company at approximately $2 billion, is the first public listing by a crypto firm in 2026, following an IPO-heavy 2025 that included offerings from stablecoin issuer Circle (CRCL), digital asset platform Bullish (BLSH), and crypto exchange Gemini (GEMI).
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