Crypto firm BitGo’s stock fizzled in its market debut.
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The company began trading on the New York Stock Exchange on Jan. 22 under the ticker symbol “BTGO.” Shares had been priced at $18 each as part of the initial public offering (IPO). The stock got off to a promising start, opening at $22.43 before quickly rising as high as $24.50.
However, the rally fizzled by late afternoon and BTGO stock ended up finishing the trading session at $18.49 per share, up only 2% on its first trading day. BitGo has a market capitalization of about $2 billion, placing it in the small-cap stock camp.
Poor Crypto IPO Performance
BitGo, which focuses on cryptocurrency custody and staking services, is the latest digital asset company to hold an underwhelming IPO. Throughout 2025, there were several high-profile crypto market debuts that ended up underperforming Wall Street’s expectations.
Shares of crypto firm Bullish (BLSH) have declined more than 40% since its IPO last summer. Crypto exchange Gemini (GEMI), run by twin brothers Cameron and Tyler Winklevoss, has seen its share price crater 70% since it went public. Analysts say the timing of BitGo’s IPO was bad given the ongoing decline in prices for cryptocurrencies such as Bitcoin (BTC).
Is Bitcoin a Buy?
Most analysts don’t offer ratings or price targets on Bitcoin. So instead, we’ll look at the three-month performance of BTC. As one can see in the chart below, the price of Bitcoin has fallen 18.89% in the last 12 weeks.
