BitGo announces $50 million share buyback plan, stock rebounds but still down about 65% from IPO

Odaily Planet Daily News: Crypto infrastructure company BitGo has announced a share buyback plan worth up to $50 million to repurchase its shares in the open market, negotiated transactions, and block trades, in an effort to support its persistently under-pressure stock price.

Following the announcement, BitGo's stock price rose by approximately 20% during intraday trading. The company stated that the buyback scale accounts for about 8% of its outstanding shares, is effective immediately, and has no fixed expiration date. Despite the short-term rebound, BitGo's stock price has fallen by about 65% in total since its listing in January. The IPO price was $18, and the latest trading price is around $6. (CoinDesk)