Shares of crypto custodian BitGo (BTGO), which launched on the New York Stock Exchange Thursday, dropped 12% by midday Friday, lagging other crypto-related stocks.
After opening at $18 per share, BitGo briefly rose to $24 before sliding to $16.53, roughly 8% below its IPO price.
The broader crypto market posted mixed results following a volatile week. Bitcoin fell from about $95,000 late last week to near $90,000, while some crypto equities recouped modest ground. Galaxy Digital (GLXY) and Riot Platforms (RIOT) rose 3% each, 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 around $2 billion, is the first by a crypto firm in 2026, following an IPO-heavy 2025 that included Circle (CRCL), Bullish (BLSH), and Gemini (GEMI).
