Shares of BitGo Holdings, a digital asset custodian, have experienced significant fluctuations since their launch on the New York Stock Exchange late last week. The initial surge in share prices has reversed, with early investor enthusiasm fading as many aim to secure profits.
Initially, BitGo set its stock price at $18, which surged approximately 25% on the first day, reflecting robust demand. However, the gains proved to be short-lived, and shares eventually fell below the initial price, dropping by as much as 13.4% on Friday according to Yahoo Finance data.
This turbulence signifies profit taking after the initial jump and smaller public share floats, which are common for newly listed companies. Broader uncertainties in the realm of crypto equities further complicate the landscape, as these assets are typically subject to significant price volatility driven by changes in investor sentiment.
At its IPO price, BitGo’s valuation reached $2 billion.
BTGO stock
Source: Yahoo Finance
Earlier reports indicated that BitGo announced its plans to go public in September 2025, having submitted necessary regulatory paperwork to the US Securities and Exchange Commission. The firm, known for its digital asset custody and infrastructure services, oversees more than $90 billion in assets on its platform.
Ongoing Momentum in Crypto IPOs Despite Market Challenges
Even amidst ongoing market pressures, several influential cryptocurrency firms are considering public offerings, suggesting persistent confidence in long-term investor interest.
Recently, reports emerged that Ledger, a provider of hardware wallets, is contemplating a US IPO, targeting a valuation greater than $4 billion. Concurrently, Kraken, a digital asset exchange, has raised $800 million at a valuation of $20 billion, stirring rumors of a potential IPO, although Co-CEO Arjun Sethi emphasized that the company isn’t hurrying towards going public.
Despite these moves, the performance of new IPOs has been inconsistent, with companies that publically listed in 2025 struggling to keep pace with the S&P 500, as reported by Bloomberg. Reports indicate that medium-sized public offerings are facing particularly tough conditions.
“The biggest takeaway is that we’re firmly back in a fundamentals-driven market,” Mike Bellin, an IPO expert at PwC, remarked. “Investors have become far more selective, and companies must enter the market with a sharper story and stronger operational direction.”
