BitGo has announced the launch of a $50 million share buyback program, causing the stock price to surge by 20%.

June 17 — Digital asset infrastructure provider BitGo (BTGO) unveiled a $50 million stock repurchase plan Wednesday, sending its shares surging by as much as 20% in intraday trading. The program authorizes BitGo to buy back up to $50 million of its common stock through open-market purchases, privately negotiated transactions, or block trades—equaling roughly 8% of its outstanding shares. The repurchase plan is effective immediately and has no fixed expiration date. Even with Wednesday’s price gain, BitGo’s stock remains down approximately 65% from its New York Stock Exchange debut back in January. The company’s IPO price was $18, while recent trading sits around $6.07. BitGo’s slump reflects fading investor confidence in digital asset-linked stocks. Following last year’s boom in crypto company IPOs, falling Bitcoin and other cryptocurrency prices have shifted market attention to AI firms and high-profile tech names like SpaceX (SPCX). Several crypto players—including Kraken and Consensys—have paused their listing efforts amid ongoing crypto market volatility.