BitGo experienced significant volatility on its first day of trading on the NYSE, with its stock price rising 36% before falling back.
TL;DR
BitGo's stock surged 36% on its NYSE debut but ended near its IPO price, reflecting volatile investor sentiment toward crypto infrastructure firms.
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Odaily Odaily reports that BitGo Holdings, a cryptocurrency custody company, debuted on the New York Stock Exchange on Thursday, experiencing significant price volatility on its first day of trading. The company's Class A shares (BTGO) rose rapidly after the opening bell, surging as much as 36% to $24.50 during the session, but subsequently gave back most of those gains.
BitGo's IPO priced at $18 per share, raising approximately $213 million and valuing the company at over $2 billion. At the close of trading, BTGO was at $18.49, up about 2.7% for the day; in after-hours trading, the share price fell back to approximately $18.35, essentially returning to near the IPO price.
Market analysts point out that BitGo's dramatic price fluctuations on its first day of trading reflect investors' high level of attention and divergent expectations regarding crypto infrastructure companies. Meanwhile, its peers, such as Anchorage Digital and Kraken, are reportedly evaluating the possibility of launching IPOs this year.