The drop is a reflection of a broader decline in investor sentiment towards stocks linked to digital assets. After a wave of enthusiasm for cryptocurrency IPOs last year, bitcoin and cryptocurrency prices have fallen, with attention increasingly focused on artificial intelligence (AI) companies and a portfolio of highly anticipated tech listings like SpaceX (SPCX).
Several crypto companies, including Kraken and Consensys, have paused their efforts amid the turbulent crypto markets.
BitGo provides custody, trading, staking and settlement services for digital assets. It also issues $1, the US dollar stablecoin linked to the Trump family-backed World Liberty Financial project.
The company has also been promoting its infrastructure platform regulated by Germany’s BaFin as an option for companies adapting to the European Union’s digital asset regime, MiCA, ahead of the licensing deadline at the end of the month.
