数链先行
06/17 17:40
BitGo stock surges 20% after major announcement
BitGo Holdings (NYSE: BTGO) is a cryptocurrency infrastructure company best known for its self-custody, regulated trust, and prime brokerage services for institutional clients.
Launched in 2011, the firm made a blockbuster public debut in January this year when its shares jumped 35% on the opening day.
However, the stock has lost more than 50% of its value since its Wall Street debut.
Related: Andrew Tate gets liquidated again
BitGo makes share repurchase announcement
On June 17, BitGo announced that its board of directors has authorized a share repurchase program under which the company may repurchase up to $50 million of its common stock, representing around 8% of the Class A shares outstanding based on current stock prices.
The authorization is effective immediately and does not have a fixed expiration date. Repurchases may be made from time to time through open market purchases, privately negotiated transactions, block trades, or other means.
The timing, manner, price, and amount of any repurchases will be determined by the company in its discretion.
The program doesn't obligate the company to acquire any amount of common stock, has no minimum purchase commitment, and may be modified, suspended, or terminated at any time without prior notice.
Trending on TheStreet Roundtable:
Telegram founder responds to devastating ban
BlackRock unveils bold Bitcoin prediction
Another analyst raises Robinhood price target
The company said it expects to fund repurchases using existing cash and cash equivalents and doesn't expect repurchases to affect the capital positions of its regulated subsidiaries.
BitGo CFO Ed Reginelli said, "We believe that repurchasing our shares represents an attractive use of capital at this time while allowing us to continue investing aggressively in our platform and clients.”
Following the announcement, the BitGo stock surged as high as $6.55, 20% above the last day's closing price of $5.44.
BTGO was trading at $6.18 at press time, up 13.5% in a day.
Related: Morgan Stanley executive sends strong prediction on Bitcoin
#TradFi Trading Strategies Sharing Challenge#BILL: Human-AI Collaboration Network#BTC Prophet: 20-Day 380 Million HTX Challenge
Mi piaceCondividi
Tutti i commenti0RecentePopolare