On Thursday, January 22, digital asset custodian BitGo Holdings (BTG) made its debut on the New York Stock Exchange with notable volatility, capturing investor attention. After pricing its initial offering at $18, the stock experienced a 25% rally in its first session; however, the enthusiasm quickly cooled. Data from Yahoo Finance confirms that, as of this Friday, the shares fell by 13.4%, dropping below their original offer price.
This behavior reflects immediate profit-taking and the uncertainty surrounding crypto-sector companies in traditional markets. Although BitGo’s IPO reached a valuation of $2 billion, the limited public float and investor caution toward risk assets pushed the price downward. Analysts from PwC suggest that the current market is far more selective and is strictly guided by operational fundamentals.
Market participants will be watching closely to see if BitGo manages to reclaim the $18 level and how this performance affects other firms such as Ledger or Kraken, which are also exploring public listings. Traders will monitor the management of its more than $90 billion in assets under custody, a key factor in proving the strength of its business model to Wall Street.
Source:https://finance.yahoo.com/quote/BTGO/
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