BlockBeats News, June 17th, after digital asset infrastructure provider BitGo (BTGO) announced a $50 million stock buyback plan on Wednesday, the stock price briefly surged by 20%. The plan allows BitGo to repurchase up to $50 million of common stock through open market purchases, privately negotiated transactions, block trades, or otherwise, representing approximately 8% of its outstanding shares. The company stated that the plan is effective immediately and has no fixed expiration date.

Despite the price increase on Wednesday, BitGo's stock is still down about 65% from its New York Stock Exchange listing in January this year. The stock's IPO price was $18, and the recent trading price is around $6.07. BitGo's stock decline reflects investors' overall weakened sentiment towards digital asset-related stocks. Following last year's crypto company IPO frenzy, the drop in Bitcoin and cryptocurrency prices has shifted market attention to AI companies and highly anticipated tech companies in the IPO pipeline like SpaceX (SPCX). Several crypto companies, including Kraken and Consensys, have paused their listing efforts amidst the crypto market volatility.