Mizuho has initiated coverage on BitGo Holdings with an Outperform rating and assigned a price target of $17.00, equal to a projected 58% increase from the stock's prevailing price of $10.76. Independent data referenced by InvestingPro indicates analyst price targets span from $11.50 up to $18.00, and the shares remain well below their 52-week high of $24.50.
The research note frames BitGo as a leading provider of digital asset infrastructure and financial services tailored to institutional customers. Mizuho emphasized the company’s institution-first custody setup and pointed to scale on the platform, with more than $100 billion of assets under management. On balance sheet measures, BitGo’s market capitalization stands at about $1.24 billion, and the company reports a current ratio of 1.09, indicating liquidity sufficient to cover near-term obligations.
The firm highlighted the resilience of BitGo’s revenue mix, which is anchored in recurring software and services rather than exclusively transaction-driven fees. That sticky revenue base, Mizuho argued, provides a steadier foundation than comparably transaction-dependent peers. At the same time, Mizuho pointed to the Go Network trading platform as a mechanism that could expand transactional revenues as liquidity in the network deepens, offering a route for growth beyond custody services.
InvestingPro data included in the coverage note shows a mixed profile of scale and profitability. Over the last twelve months BitGo generated $11.14 billion in revenue, but reported a weak gross profit margin of only 1.64%. Despite that low margin percentage, the company remained profitable on a per-share basis with a basic EPS of $1.49.
Mizuho also called out BitGo’s geographic concentration, estimating that roughly 70% of revenue is produced in the United States today. The analyst suggested the company is positioned for additional expansion both domestically and internationally, citing favorable secular trends for digital assets as a supporting backdrop.
On growth expectations, Mizuho projected an approximate 28% compound annual growth rate for revenue in 2026 and 2027, a pace materially higher than the roughly 9% outlook Mizuho used for COIN over the same period. This view aligns with InvestingPro’s compilation of analyst forecasts, which indicate analysts expect about 75% revenue growth for BitGo in the current fiscal year. InvestingPro also supplies a package of six additional pointers on BitGo’s performance, touching on price volatility and valuation metrics.
The company has been active on multiple fronts. BitGo became the first publicly traded, federally chartered digital asset firm after completing its initial public offering and beginning trading on the New York Stock Exchange on January 22, 2026, following approval from the Office of the Comptroller of the Currency to operate as a national trust bank. Separately, BitGo entered a partnership with InvestiFi to deliver digital asset trading functionality to credit unions and community banks across the United States. That collaboration will allow account holders to trade digital assets directly from their InvestiFi accounts using BitGo’s infrastructure.
Analyst coverage beyond Mizuho has been varied. Cantor Fitzgerald launched coverage with an overweight rating and set a $18.00 price target, while Goldman Sachs began coverage with a neutral rating and a $11.50 price target. These disparate stances illustrate differing assessments of BitGo’s infrastructure-led positioning and software-oriented revenue strategy within the crypto ecosystem.
What this means
- Institutional custody scale and recurring software revenues are the central drivers behind bullish analyst views.
- Transactional upside via the Go Network is a strategic growth lever, but it depends on liquidity expansion.
- There is a clear juxtaposition between strong reported revenue and compressive gross margins.
The combination of an institutional-first custody franchise, recent federal charter status, and partnerships with banking channels forms the foundation of the bullish thesis, while the company’s margin profile and concentration of U.S. revenue remain focal points for further scrutiny.