Company Overview - BitGo, a crypto firm, experienced a nearly 22% drop in share price on its second day of trading on the New York Stock Exchange, closing at $14.50 after debuting at $18 per share [1][2] - The company raised over $212 million at a valuation exceeding $2 billion during its initial public offering [1] Market Context - The decline in BitGo's share price occurred despite a positive performance in broader equities, with the S&P 500 gaining 0.03% and the Nasdaq rising by 0.28% on the same day [2] Company Background - BitGo was founded in 2013 by CEO Mike Belshe and CTO Ben Davenport, originally based in Palo Alto, California, and has recently relocated to Sioux Falls, South Dakota [2] - The company played a significant role in launching Wrapped Bitcoin (WBTC) in 2019, an ERC-20 token that facilitates Bitcoin liquidity on the Ethereum network [3] Market Developments - Other crypto companies are preparing for initial public offerings, including KRAKacquisition Corp., linked to the crypto exchange Kraken, which plans to offer 25 million Class A shares at $10 per share [4] - KRAKacquisition has not yet selected a target for its merger but was formed in partnership with Kraken and venture capital firms Tribe Capital and Natural Capital [4]