BitGo (BTGO) shares surged up to 20% on Wednesday after the company authorized a $50 million share buyback program, representing about 8% of outstanding shares. The buyback comes as the stock languishes more than 65% below its $18 IPO price from January. The broader digital-asset sector faces headwinds from falling crypto prices and shifting investor focus toward AI and tech IPOs. BitGo provides custody, trading, staking, and settlement services, and issues the USD1 stablecoin. The firm is also positioning itself to benefit from Europe's MiCA crypto licensing deadline by offering its BaFin-regulated infrastructure platform.

Key facts

• BitGo authorized $50M buyback (~8% of outstanding shares).
• Stock rose up to 20% but remains 65% below $18 IPO price.
• Crypto market downturn and AI interest shift weigh on sector.
• Firm promotes BaFin-regulated platform ahead of MiCA deadline.