Crypto KOL Bill Qian posted on X. BitGo's initial public offering (IPO), set for 2026, marks the first crypto IPO on the U.S. stock market. However, it faces significant challenges compared to AI stocks in Hong Kong and the performance of Circle. The IPO price was set at $18, exceeding the expected range of $15–$17, with a fundraising target of $212.8 million and an estimated valuation of approximately $2.08 billion. Goldman Sachs served as the lead underwriter, with Citigroup as a co-underwriter. The offering included a limited float of about 11.8 million shares.
On the first day of trading, BitGo's stock opened at $22.43, a 24.6% increase, and surged to $24.50 within an hour, marking a 36.1% rise. However, after peaking at 10:30 AM, large sell orders emerged, leading to a decline in the afternoon. The stock closed at $18.49, erasing 94% of the day's gains and barely staying above the IPO price.
On the second day, the stock faced further pressure with no recovery buying from Asia or Europe. It opened under pressure and fell below the IPO price of $18 by 10:30 AM, reaching a low of $14.49, a 19.5% decrease, and closed at $14.50, down 19.4%.