- BitGo shares fell nearly 22% on the second trading day after its IPO debut on the New York Stock Exchange.
- The stock opened above the marketed $15–$17 range at $18 and closed the week at $14.50.
- The company raised more than $212 million in the offering at a valuation just over $2 billion.
- Wrapped Bitcoin (WBTC), which BitGo helped launch, has seen its market cap fall from near $15 billion in October 2025 to about $11 billion.
- A Kraken-linked blank-check firm, KRAKacquisition Corp., plans a $250 million IPO of 25 million Class A shares at $10 each, per its SEC filing.
BitGo shares fell nearly 22% on the second trading day after the company’s initial public offering on the New York Stock Exchange. The drop occurred the day after the firm debuted on Thursday and completed its offering that raised more than $212 million at a valuation just over $2 billion.
The stock, which trades under the BTGO ticker, opened its first session at $18 per share, above the marketed range of $15 to $17. The shares closed the week at $14.50, below the offering price.
The broader market moved higher on Friday, with the S&P 500 up 0.03% and the Nasdaq rising 0.28% at the close. BitGo did not immediately comment on the second-day price move.
BitGo was founded in 2013 by CEO Mike Belshe and CTO Ben Davenport and moved its headquarters from Palo Alto, California, to Sioux Falls, South Dakota. While at the New York Stock Exchange on Thursday, Belshe marked the debut and reflected on the team; “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 to the Ethereum network. WBTC’s market capitalization was near an all-time high of $15 billion in October 2025 and has since fallen to about $11 billion, according to CoinGecko.
Separately, a blank-check company tied to Kraken, KRAKacquisition Corp., said it plans to offer 25 million Class A shares at $10 each, as noted in its SEC filing. The SPAC sponsor was formed in partnership with Kraken and venture firms Tribe Capital and Natural Capital.
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