BitGo Holdings (BTGO) said Wednesday that its board has approved a share repurchase program of up to $50 million, allowing the digital asset infrastructure company to buy back roughly 8% of its Class A shares at current prices.

The company said the authorization reflects confidence in its long-term outlook and belief that its stock is trading below intrinsic value. BitGo added that the move is intended to balance capital returns with continued investment in its platform and client services.

The timing and scale of buybacks will depend on market conditions, liquidity, and regulatory considerations, it said.

The buybacks are expected to be funded through existing cash reserves, it added.