Shares of crypto custodian BitGo (BTGO), which made its New York Stock Exchange debut Thursday, fell 12% by midday Friday, trailing gains in other crypto-related stocks.
After opening at $18 per share, BitGo briefly touched $24 but was last trading at $16.53, roughly 8% below its IPO price.
The broader crypto market has been mixed following a volatile week. Bitcoin dropped from about $95,000 late last week to near $90,000, while some crypto equities posted modest rebounds. Galaxy Digital (GLXY) and Riot Platforms (RIOT) each rose 3%, Strategy (MSTR) added 2%, and Hut 8 (HUT) gained 7%.
BitGo provides custody and security services for digital assets. Its IPO, which valued the company at roughly $2 billion, is the first public listing by a crypto firm in 2026, following an IPO-heavy 2025 that included Circle (CRCL), digital asset platform Bullish (BLSH), and crypto exchange Gemini (GEMI).
