Two major brokerages have started public coverage of BitGo, the digital-asset custodian and infrastructure provider, assigning favorable investment stances and pointing to the company’s institutional positioning.
Mizuho opened coverage with an Outperform rating and a $17 price target. The firm emphasized BitGo’s scale in custody, its recurring revenue profile and its preparedness for increased institutional adoption. The brokerage noted that shares traded down about 5% in Tuesday trading.
In its analysis, Mizuho stated that BitGo safeguards in excess of $100 billion in client assets and has experienced steady client growth since early 2023. The brokerage argued that, as institutions move into digital assets, they are likely to choose established providers with demonstrable security records.
Mizuho highlighted that custody fees and staking services make up more than 80% of BitGo’s revenue, a mix the firm views as offering greater stability compared with firms whose income is more transaction-driven. Based on that revenue composition and anticipated market trends, Mizuho projects BitGo’s revenue will expand at roughly a 28% compound annual rate through 2027, a pace the firm describes as faster than the trajectory it expects for Coinbase.
The brokerage also pointed to BitGo’s proprietary Go Network, a platform that enables clients to trade and settle while assets remain in custody. Mizuho characterized the network as both a defensive moat and a potential source of asset growth. It further noted that BitGo’s regulatory permissions - including U.S. trust charters and a national trust bank structure - are supportive of scaling operations domestically and internationally.
Citi launched coverage with a Buy rating and set an $18 price target. The bank portrayed BitGo as a central infrastructure provider within on-chain finance, noting a strategic shift from pure custody toward a broader institutional platform integrating wallets, settlement and compliance capabilities.
Citi emphasized BitGo’s multi-signature custody architecture and its compliance framework as attractive features for institutions prioritizing risk controls. The bank anticipates that growth in tokenization, regulated decentralized finance and stablecoins will increase demand for custody and settlement offerings over time.
While Citi trimmed some financial assumptions to account for crypto price volatility, it still forecasts around 30% medium-term net revenue growth and expects profit margins to expand as the business scales.
The coverage from these brokerages frames BitGo as a participant at the intersection of custody services and broader institutional infrastructure, with both firms citing recurring revenue streams, platform capabilities and regulatory licenses as key elements underpinning their bullish views.