BitGo announces launch of $50 million stock repurchase program

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Golden Finance reports that on June 17, digital asset infrastructure provider BitGo (BTGO) announced a $50 million stock repurchase plan on Wednesday, after which the stock price rose by 20% at one point. The plan allows BitGo to repurchase up to $50 million worth of ordinary shares through methods including open-market purchases, privately negotiated transactions, and block trades, accounting for about 8% of its outstanding shares. The company said the plan takes effect immediately and has no fixed expiration date. Despite the stock price increase on Wednesday, BitGo’s stock is still down about 65% from when it listed on the NYSE in January this year. The IPO offering price was $18, and the recent trading price is around $6.07. The decline in BitGo’s stock price reflects generally weaker investor sentiment toward stocks related to digital assets.
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