BitGo Experiences Sharp Fluctuations on NYSE Debut, Stock Price Rises 36% Before Retreating

Odaily News: Cryptocurrency custody firm BitGo Holdings began trading on the New York Stock Exchange on Thursday, with its stock price experiencing significant volatility on its first day. The company's Class A shares (BTGO) surged rapidly after opening, climbing as much as 36% intraday to $24.50, but subsequently gave back most of those gains.

BitGo's IPO was priced at $18 per share, raising approximately $213 million and giving the company an overall valuation exceeding $2 billion. At the close, BTGO was trading at $18.49, up about 2.7% for the day. In after-hours trading, the stock retreated to around $18.35, essentially returning to near its IPO price.

Market observers noted that the sharp volatility on BitGo's debut reflects both high investor interest and divergent expectations for crypto infrastructure companies. Meanwhile, its peers such as Anchorage Digital and Kraken have also reportedly been evaluating the possibility of launching their own IPOs this year.