BitGo Stock IPO Day One Records Extreme Volatility, Closes Near Offering Price

BearMarketBuilder · 2026-02-05T05:02:32+00:00

BitGo made history as the first cryptocurrency company to go public in the US, but its IPO performance was rocky. Initial gains were followed by a massive sell-off, resulting in significant losses by the second trading day, emphasizing the challenges in the volatile crypto market.

BearMarketBuilder

2026-02-05 05:02:32

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Debut in the US stock market creates a historic moment: BitGo becomes the first crypto company to go public on a U.S. stock exchange. However, today’s IPO stock performance shows a journey far from smooth, with a dramatic surge followed by massive sell-offs that wipe out most of the first-day gains.

IPO Stock Launch with Pricing Above Expectations

BitGo set the IPO price at $18 per share, surpassing the initial projected range of $15–$17. Lead underwriters Goldman Sachs and Citigroup targeted a fundraising of $212.8 million with a company valuation of around $2.08 billion. The offering included a limited float of only 11.8 million shares, creating scarcity that could drive demand.

IPO Opening Momentum: Spectacular Rise of up to 36%

At today’s opening trading, BitGo shares skyrocketed to $22.43—an increase of 24.6% from the offering price. Momentum continued to build, with the price reaching a peak of $24.50 within about an hour of trading, resulting in an impressive 36.1% gain. Early investor enthusiasm reflected optimism toward this leading crypto custodian.

Massive Sell-Off Wave Changes Trading Direction

However, that victory didn’t last long. Around 10:30 AM, large sell orders began flooding in, triggering a sharp reversal. Intense selling pressure pushed the price down significantly throughout the afternoon session. Shares closed at $18.49—just above the IPO price but erasing 94% of that day’s gains. The strong buying momentum from earlier in the morning could not be sustained.

Day Two: Continued Pressure Without Global Support

The second day of trading brought new challenges. Without recovery buying from Asian or European markets, shares faced ongoing selling pressure from the opening. Negative momentum persisted, with shares eventually falling below the original offering price. At 10:30 AM, BitGo hit a low of $14.49, representing a 19.5% decline from the IPO price. Shares closed that day at $14.50, locking in a loss of 19.4%.

This IPO stock performance reflects the challenges faced by crypto companies in a dynamic market environment, where sentiment can shift quickly and global investor support remains unstable for custodian cryptocurrency assets.

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