BitGo Announces $50M Share Repurchase Program, Stock Surges 20% on June 17

According to a BusinessWire statement, BitGo Holdings (NYSE: BTGO) announced on June 17 that its board of directors authorized a $50 million share repurchase program, representing approximately 8% of the company's Class A shares outstanding at current prices. The authorization is effective immediately with no fixed expiration date, and the timing and amount of repurchases will be determined at the company's discretion. BitGo CFO Ed Reginelli said the company believes repurchasing shares represents an attractive use of capital while allowing continued platform investment. Following the announcement, BitGo stock surged as high as $6.55, up 20% from the prior close of $5.44, and was trading at $6.18 at press time, up 13.5% on the day.
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