BlockBeats news, on February 18, despite BitGo's stock declining on Tuesday, Mizuho Bank maintained a positive outlook on the institutional-grade crypto custody platform in its first research report.
Mizuho Bank analysts Dan Dolev and Alexander Jenkins describe BitGo as a "military-grade custodian," noting that its long-term security track record and focus on institutional clients represent a core advantage in an increasingly competitive custody market. The report highlights that over 80% of BitGo’s revenue comes from recurring businesses such as custody and staking, rather than volatile trading activities, setting it apart among crypto infrastructure companies.
Analysts have assigned BitGo an "Outperform" rating and a $17 price target, implying nearly 70% upside from its current trading price of approximately $10.15.
Mizuho Bank expects corporate revenue growth to accelerate as stablecoins and tokenized real-world assets drive broader institutional adoption.
Nevertheless, since BitGo's listing on the NYSE in January at an offering price of $18, its stock price has fallen by approximately 44%, reflecting overall market caution toward cryptocurrency-related stocks.