Cantor Fitzgerald has opened coverage on BitGo Holdings (NYSE: BTGO), assigning an Overweight rating and establishing a $18.00 price objective. At the time the firm published its view, that target represented roughly a 67% upside from the stock’s then-current quote of $10.76.
In its assessment, Cantor Fitzgerald frames BitGo less as a company whose fortunes move in lockstep with crypto spot prices or trading volumes and more as an infrastructure and software layer supporting digital-asset activity. The firm argues investors should value the business accordingly, while also flagging BitGo’s very low gross profit margin of 1.64% as a material characteristic of the company’s near-term financial profile.
BitGo began trading on the New York Stock Exchange on January 22, 2025, following an initial public offering priced at $18. Since then, a broader crypto market selloff has weighed on the shares. The stock has declined 41.81% over the past six months and is trading close to a reported 52-week low of $9.66.
Cantor Fitzgerald expects the company to gain from institutional and corporate uptake of digital assets, including stablecoins, along with tokenization initiatives and further convergence between traditional finance and decentralized finance. The firm projects continued customer growth momentum through 2026 and characterizes the present risk-reward profile as attractive at the prevailing share price.
Other developments noted alongside the initiation include corporate milestones and third-party coverage. BitGo completed its IPO and began NYSE trading as noted above, and the company has become the first publicly traded firm in the digital-asset industry to receive a federal charter, having obtained approval from the Office of the Comptroller of the Currency to operate as a national trust bank.
Goldman Sachs has also opened coverage on BitGo, assigning a Neutral rating and setting a $11.50 price target, which implies roughly a 10% upside from the cited $10.76 price. Separately, BitGo has entered a partnership with InvestiFi to enable digital-asset trading for credit unions and community banks across all 50 U.S. states. That collaboration will allow customers to trade digital assets directly from existing InvestiFi accounts using BitGo’s Crypto-as-a-Service infrastructure.
Taken together, these items underscore the company’s expanding role in digital-asset infrastructure and its outreach to regulated financial institutions and community-level banking partners. The brokerage’s initiation centers the investment thesis on infrastructure and customer adoption rather than on direct correlation with crypto market swings, while also acknowledging the low gross margin base and recent share-price volatility.
Key takeaways:
- Cantor Fitzgerald starts coverage with an Overweight rating and $18 price target, implying roughly 67% upside from $10.76.
- Firm positions BitGo as an infrastructure and software provider to institutional and corporate users rather than a firm tied directly to crypto prices or trading volumes.
- Notable company milestones include NYSE listing, federal charter approval from the OCC to operate as a national trust bank, and a partnership with InvestiFi to expand trading access for credit unions and community banks.
Risks and uncertainties:
- Very low gross profit margin of 1.64%, which is a material financial characteristic that may affect near-term profitability expectations.
- Significant share-price pressure since the IPO, including a 41.81% fall over the past six months and trading near a 52-week low of $9.66.
- Divergent analyst views - for example, Goldman Sachs’ Neutral rating and $11.50 target indicate differing assessments of near-term upside.