The decline is a reflection of a broader slump in investor sentiment toward digital asset-linked stocks. After a wave of crypto IPO enthusiasm last year, bitcoin and cryptocurrency prices have tumbled, and attention has increasingly turned toward artificial intelligence (AI) companies and a pipeline of highly anticipated tech listings like SpaceX (SPCX).
Several crypto companies, including Kraken and Consensys, have halted their efforts amid turbulent crypto markets.
BitGo provides custody, trading, staking and settlement services for digital assets. It also issues USD1, the U.S. dollar stablecoin tied to the Trump family-backed World Liberty Financial project.
The firm has also been promoting its Germany’s BaFin-regulated infrastructure platform as an option for companies adapting to the European Union’s digital asset regime, MiCA, ahead of a licensing deadline at the end of the month.