Summary
Deutsche Bank has launched coverage of BitGo Holdings (NYSE: BTGO) with a Buy recommendation and a $17.00 price target, equating to approximately a 58% potential increase from the prevailing share price of $10.76. The bank framed its view around the firms role as an institutional crypto custodian and infrastructure provider and the expectation that ongoing institutional adoption will drive client growth over time.
Coverage thesis and valuation
In its initiation, Deutsche Bank emphasized that BitGo is positioned to benefit from secular demand for institutional-grade crypto services, particularly in the U.S. market. The firm expects a steady organic cadence of client additions that should underpin long-term expansion in revenue, adjusted EBITDA, and earnings per share.
Despite that outlook, market metrics show notable volatility: the stock has traded in a 52-week range of $9.66 to $24.50. At the time of the coverage note, BitGo was trading near $10.76 and carries a P/E ratio of 14.04. Independent analysis referenced by the initiation finds the stock may be trading above its Fair Value even as analysts collectively forecast 75% revenue growth in fiscal 2025.
Timing and near-term dynamics
Deutsche Bank cautioned that subdued crypto prices will likely delay a meaningful upward inflection in BitGos revenue profile until the second half of 2026. The bank suggested this timing appears to be at least partly reflected in the recent pullback in the companys share price.
Crucially, the initiation identifies the pace of client onboarding as a potential short-term catalyst: any clear evidence that the companys pipeline is accelerating could act as a positive trigger for the stock.
Corporate milestones and partnerships
Several corporate developments are noted alongside the analyst coverage. BitGo has become the first publicly traded company in the digital asset sector to hold a federal charter as a national trust bank following approval from the Office of the Comptroller of the Currency. The company completed its initial public offering and began trading on the New York Stock Exchange on January 22, 2026.
BitGo has also formed a partnership with InvestiFi to extend digital asset trading capabilities to financial institutions across all 50 U.S. states, expanding trading access for account holders at participating banks and credit unions.
Other analyst views
Alongside Deutsche Banks Buy rating and $17.00 target, several other firms have initiated coverage with varied perspectives. Mizuho began coverage with an Outperform rating and a $17.00 price target, citing the companys institutional custody infrastructure. Cantor Fitzgerald opened coverage with an Overweight rating and a $18.00 price target, emphasizing BitGos role as an infrastructure and software layer within the crypto ecosystem. Goldman Sachs offered a Neutral rating with a $11.50 price target, basing its view on adjusted EBITDA projections.
Implications
The combination of a federal charter, an IPO, a nationwide trading partnership, and multiple analyst initiations underscores an expanding institutional profile for BitGo. The path to meaningful revenue acceleration, however, is contingent on crypto market conditions and demonstrable acceleration in client onboarding.
Investors should weigh the firms structural positioning against the timing risk linked to broader crypto price movements and current valuation metrics.