Bitcoin underperforms as metals surge and crypto IPOs return
Bitcoin continues to lag as gold and silver surge while crypto IPOs return with BitGo’s debut, Ledger’s IPO talks, and banks expanding access.
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Bitcoin’s price action is starting to feel familiar. While crypto remains stuck just below $90K and struggles to reclaim momentum, metals continue to surge, with gold nearing $5,000 and silver approaching $100. Precious metals have once again become the market’s preferred hedge, leaving Bitcoin’s safe haven narrative under pressure.
That disconnect is not slowing institutional interest. Even as Bitcoin trades below $90K, crypto infrastructure firms are pressing ahead. BitGo debuted on the New York Stock Exchange yesterday, Ledger is exploring a multibillion dollar IPO, and banks like UBS Group are preparing to expand crypto trading for wealthy clients. Price action may be stuck, but the business of crypto is not.
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Bitcoin stuck below $90K as safe haven flows favor metals
Bitcoin is trading little changed just below $90,000, underperforming broader markets as investors continue to favor precious metals. Gold is approaching the $5,000 level after rising roughly 14% this year, while silver has surged about 37%, nearing $100.
The broader crypto market remains mixed, with modest gains and losses across majors and altcoins but no decisive trend. As metals extend their rally, Bitcoin has yet to show a sustained reaction to positive news, reinforcing the current risk off rotation.
Crypto IPOs return as BitGo lists and Ledger explores US debut
Crypto IPO activity is picking up despite muted token prices. BitGo began trading on the New York Stock Exchange yesterday under the ticker BTGO after pricing its IPO at $18 per share. The offering raised about $213 million and valued the company at more than $2 billion. Shares jumped more than 35% shortly after the open before giving back most of those gains, ending the session near $18.49, only slightly above the IPO price.
At the same time, Ledger is exploring a US IPO that could value the firm above $4 billion, according to the Financial Times. The company is working with advisers including Goldman Sachs, Barclays, and Jefferies.
Institutional interest is also expanding on the banking side. UBS Group, the world’s largest wealth manager, is preparing a potential crypto trading offering for select private banking clients. The move would mark a step beyond tokenization pilots toward direct crypto exposure for high net worth investors, even as broader markets remain cautious.
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