The crypto infrastructure firm’s stock rallied following a share repurchase program amid a 65% decline from its IPO price.
BitGo shares surged as much as 20% Wednesday after the company approved a $50 million share buyback program. The move targets roughly 8% of outstanding shares through open-market purchases and private transactions, effective immediately with no expiration date.
The stock remains 65% below its January IPO price of $18, trading recently near $6.07. The buyback follows a challenging period for newly public digital-asset firms as crypto markets underperform and investor focus shifts toward AI.
BitGo cited confidence in its long-term trajectory, positioning itself to capitalize on Europe’s crypto licensing deadline by offering regulated infrastructure services. The rally provided temporary relief for investors after months of declines.