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Crypto custodian BitGo down 12%, falling wel
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Crypto custodian BitGo down 12%, falling wel
Crypto custodian BitGo down 12%, falling well below IPO price on second trading day
6 min read
Crypto custodian BitGo down 12%, falling well below IPO price on second trading day
The company came public at around a $2 billion valuation on Thursday.
By Helene Braun|Edited by Stephen Alpher
Jan 23, 2026, 5:06 p.m.
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BitGo at NYSE (X/Matt Ballensweig)
What to know:
- Shares of BitGo fell about 12% on Friday, one day after their debut on the New York Stock Exchange.
- The stock, which went public at $18 per share, was trading at $16.53 at midday Friday.
- The crypto custodian’s $2 billion IPO was the first new crypto listing of 2026, following a busy 2025 that included offerings from Circle, Bullish and Gemini.
Shares of BitGo (BTGO), which went live on the New York Stock Exchange (NYSE) on Thursday, are down 12% midday on Friday, largely underperforming other crypto stocks.
The stock, which traded as high as $24 following its IPO at $18 per share, was last changing hands at $16.53, down 8% from that IPO price.
STORY CONTINUES BELOW
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After a difficult week in crypto as bitcoin plunged from $95,000 towards the end of last week to its current $90,000, some crypto-related names are reclaiming a tiny bit of lost ground. Galaxy Digital (GLXY) is up 3% as is Riot Platforms (RIOT). Strategy (MSTR) is ahead 2%, and Hut 8 (HUT) 7%.
BitGo provides custody and security services for digital assets. Its IPO, which valued the company at about $2 billion, marks the first public offering for a crypto firm in 2026 after an IPO-heavy year in 2025. Among last year’s offerings: stablecoin issuer Circle (CRCL), digital asset platform Bullish (BLSH), and crypto exchange Gemini (GEMI).
BitGo
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KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Kevin O'Leary says power is now more valuable than bitcoin
"Shark Tank" investor Kevin O'Leary is pivoting his crypto strategy from tokens to energy infrastructure, declaring that power generation is now the real prize.
What to know:
The big pivot: O'Leary has moved capital away from smaller tokens to focus on physical infrastructure like land, power, and copper.
- He believes power is now "more valuable than bitcoin" and has secured significant land deals with stranded natural gas in Alberta and the U.S.
- His thesis is driven by the massive energy needs of bitcoin mining and AI, noting that entities controlling power can serve either market.
- He advises investors to look at copper and gold, noting copper prices have nearly quadrupled for his projects in the last 18 months.
- He views Robinhood and Coinbase as "no-brainer" infrastructure investments, having reallocated capital from altcoins into these platforms. He describes Robinhood as the premier bridge for managing equity and crypto in one portfolio, while labeling Coinbase the "de facto standard" for businesses to manage stablecoin transactions and vendor payments once regulatory acts pass.
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