On Friday, shares of BitGo (trading as BTGO) fell nearly 22% in their second day of trading on the New York Stock Exchange after the company’s Thursday IPO, which raised about $212 million at roughly a $2 billion valuation.
BTGO opened at $18, above its marketed $15–$17 range, and closed the week at $14.50. (Ed. note: the close fell below the offering price.)
The S&P 500 gained 0.03% and the Nasdaq rose 0.28% on Friday, while BitGo did not immediately respond to a request for comment. BTGO trades under the BTGO ticker on market services.
Founded in 2013 by Mike Belshe and Ben Davenport, the custody firm moved its headquarters from Palo Alto to Sioux Falls, South Dakota. At the NYSE opening ceremony, “It’s just so humbling to see that crowd of great people, better team than we’ve ever had, constantly growing and turning this into something out of nothing. It’s amazing,” Belshe said.
BitGo helped launch Wrapped Bitcoin (WBTC) in 2019 to bring Bitcoin liquidity onto Ethereum. WBTC’s market cap neared an all-time high of about $15 billion, and has since fallen to roughly $11 billion.
A blank-check company linked to Kraken, KRAKacquisition Corp., plans to offer 25 million Class A shares at $10 each. According to its SEC filing, the sponsor may pursue a merger without a selected target.
