BitGo Announces $50 Million Share Buyback Plan, Stock Rebounds but Still Down About 65% from IPO

crypto infrastructure company BitGo has announced a share repurchase program of up to $50 million to buy back its shares in the open market, negotiated transactions, and block trades, aiming to support its persistently under-pressure stock price.Following the announcement, BitGo's share price surged as much as 20% during intraday trading. The company stated that the buyback program represents approximately 8% of its outstanding shares, will take effect immediately, and has no fixed expiration date. Despite the short-term rebound, BitGo's stock has still fallen about 65% since its listing in January of this year. Its IPO price was $18, and the most recent trading price is around $6. (CoinDesk)