In brief
- BitGo shares dropped nearly 22% on the second trading day after Thursday’s IPO debut raised over $212 million.
- The crypto custody provider’s opening price exceeded its $15-$17 marketed range at a roughly $2 billion valuation.
- A Kraken-linked blank check company is preparing its own IPO with 25 million shares at $10 each.
Crypto firm BitGo, the industry’s first initial public offering of 2026, saw its share price drop nearly 22% on its second day of trading on the New York Stock Exchange, dropping below the offering price.
BitGo, which trades under the BTGO ticker, closed the week at $14.50 after making its debut on Thursday for $18 per share. The opening price was above the marketed range of $15 to $17 per share. The company raised more than $212 million at a valuation of just over $2 billion.
The second-day drop for BTGO comes amid a rosier performance for broader equities. The S&P 500 gained 0.03% and the Nasdaq rose by 0.28% on Friday, as of the closing bell.
BitGo did not immediately respond to a request for comment from Decrypt.
The digital asset infrastructure and crypto custody provider was founded in 2013 by CEO Mike Belshe and CTO Ben Davenport. It was originally headquartered in Palo Alto, California, but recently relocated to Sioux Falls, South Dakota.
“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 on Thursday while at a New York Stock Exchange bell to ring the opening bell.
BitGo was instrumental in launching Wrapped Bitcoin, or WBTC, in 2019. It is an ERC-20 token that allows traders to bring Bitcoin liquidity onto the Ethereum network.
In October 2025, Wrapped Bitcoin’s market capitalization was hovering near its all-time high of $15 billion. It has since receded to about $11 billion, according to crypto price aggregator CoinGecko.
Meanwhile, there are already other crypto companies preparing to make an IPO. A blank check company linked to crypto exchange Kraken, KRAKacquisition Corp., said recently that it’s aiming to offer 25 million Class A shares at $10 per share.
KRAKacquisition said in its SEC filing that it may pursue a merger with “any business or industry,” without having selected a target yet. Still, the company’s sponsor was formed in partnership with Kraken and venture capital firms Tribe Capital and Natural Capital.
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