BitGo Stock Plummets 12% Post-IPO, Trading Below Initial Offering Price

Shares of cryptocurrency custodian BitGo witnessed a sharp decline of 12% on their second day of public trading. This significant drop has pushed the stock's value substantially below its initial public offering (IPO) price, raising immediate concerns among early investors and market observers. The downturn highlights the volatile and challenging market conditions facing crypto-related companies entering the public equity markets. Analysts are monitoring the situation to assess whether this is a short-term correction or indicative of broader investor skepticism towards the crypto custody sector following the highly anticipated IPO.