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

MEVictim · 2026-01-23T19:47:45+00:00

BitGo's shares fell 12% after its NYSE debut, trading at $16.53, below the IPO price of $18. This decline follows a significant drop in Bitcoin prices, while other crypto stocks showed slight recovery.

MEVictim

2026-01-23 19:47:45

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Source: CryptoNewsNet Original Title: Crypto custodian BitGo down 12%, falling well below IPO price on second trading day Original Link: 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).

BTC-1,09%

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RektCoaster

· 6m ago

Damn, BTGO just went public and already broke below the offering price on the second day? That's hilarious. This is the real "crypto market freeze."

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OnchainDetective

· 10h ago

Wait, the IPO dropped 12% on the second day? We need to take a good look at this data... According to on-chain data, BitGo's institutional holdings flow seems a bit abnormal. Usually, such a decline indicates that we should check if large investors are quietly offloading. Clearly, this is not normal market fluctuation.

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ILCollector

· 23h ago

Another story of an IPO falling below expectations... BitGo dropped 12% just on the second day, I think this time it's a bit uncertain.

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Ser_APY_2000

· 23h ago

Damn, it dropped 12% on the second day of the IPO. That's really crazy.

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FarmHopper

· 23h ago

BitGo crashed on its first day of trading? LOL, it seems like only rookies are buying in.

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PrivateKeyParanoia

· 23h ago

Another IPO underperformance, BitGo's speed is really impressive.

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BearMarketSurvivor

· 23h ago

12%? It's only the second day... But then again, the competition in crypto custody is already fierce, and BitGo doesn't really have any special moat, right?

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