BitGo Announces $50 Million Share Buyback Plan, Stock Rebounds But Still Down About 65% from IPO

Odaily Odaily reports that crypto infrastructure company BitGo has announced a stock buyback program of up to $50 million to repurchase its shares in the open market, negotiated transactions, and block trades, aiming to support its persistently pressured stock price.

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