Mizuho Securities Initiates Coverage of BitGo with an "Outperform" Rating, Target Price Implies 70% Upside

February 18th Despite a Tuesday drop in BitGo’s share price, Mizuho Bank maintained optimism about the institutional-grade crypto custody firm in its first-ever research report on the company. Analysts Dan Dolev and Alexander Jenkins of Mizuho Bank labeled BitGo a “military-grade custodian,” pointing to its long-standing security track record and institutional client focus as key strengths in the fast-growing, competitive custody space. The report noted over 80% of BitGo’s revenue stems from recurring streams like custody and staking—rather than volatile trading—setting it apart from other crypto infrastructure firms. The analysts assigned BitGo an “Outperform” rating and a $17 price target, implying nearly 70% upside from its current share price of roughly $10.15. Mizuho forecasts revenue growth will accelerate as stablecoins and real-world asset tokenization boost institutional adoption. Still, BitGo’s shares have fallen roughly 44% since its January listing on the New York Stock Exchange (NYSE) at $18—reflecting broad market caution toward crypto-related stocks.