BitGo (BTGO) Shares Plunge 12% on Second Day, Below IPO Price

Shares of BitGo (BTGO), which debuted on the NYSE on Thursday, fell 12% midday Friday, trading at $16.53 compared to its $18 IPO price. The stock peaked at $24 post-IPO but has since underperformed other crypto names. Galaxy Digital (GLXY) and Riot Platforms (RIOT) rose 3%, while MicroStrategy (MSTR) gained 2% and Hut 8 (HUT) climbed 7%. BitGo, a digital asset custodian valued at ~$2 billion, marks the first crypto firm's public offering in 2026 following an active 2025 IPO season. Among last year’s offerings were Circle (CRCL), Bullish (BLSH), and Gemini (GEMI). The decline follows a challenging week for crypto as Bitcoin dropped from $95,000 to ~$90,000.