TLDR
- Mizuho initiated BitGo (BTGO) with an Outperform rating and a $17 price target, citing institutional-first custody infrastructure and recurring revenue resilience.
- Canaccord initiated with a Buy rating and $15 price target, highlighting BitGo’s custody-driven model and global leadership in institutional digital asset custody.
- Clear Street initiated with a Buy rating and $18 price target, projecting ~30% net revenue growth and ~60% adjusted EBITDA CAGR through 2028.
- Multiple other firms including Compass Point, Deutsche Bank, and Cantor Fitzgerald have also initiated with Buy/Outperform ratings; Goldman Sachs is the lone cautious voice with a Neutral and $11.50 target.
- Clear Street sees EBITDA margins rising from ~15% in 2025 to ~29% in 2028, driven by subscription revenue and stablecoin fee streams.
BitGo (BTGO) is drawing serious attention from Wall Street, with multiple analysts initiating coverage this week — and most of them are bullish.
Mizuho analyst Dan Dolev kicked things off with an Outperform rating and a $17 price target. He pointed to BitGo’s institutional-first custody infrastructure and what he called “significant scale” as key reasons for his positive view.
Dolev also flagged BitGo’s recurring revenue model as a standout feature. Unlike transaction-driven peers, this model tends to hold up better when crypto markets get choppy.
Canaccord followed with its own Buy rating, setting a $15 price target. The firm highlighted BitGo’s position as one of the leading global players in institutional digital asset custody, noting that it combines cold storage security with round-the-clock liquidity access for spot and derivatives markets.
Clear Street came in with the most optimistic price target of the group at $18, also with a Buy rating. That represents a potential 67% upside from BTGO’s recent price of $10.76.
Growth Projections Stand Out
Clear Street’s thesis centers on an earnings inflection point as recurring infrastructure revenue scales faster than operating costs. The firm is forecasting around 30% net revenue growth and approximately 60% adjusted EBITDA compound annual growth rate through 2028.
Those projections are tied to BitGo’s core subscription and service business, along with broader exposure to stablecoin fee streams. Clear Street also sees adjusted EBITDA margins climbing from roughly 15% in 2025 to around 29% by 2028.
Despite that outlook, InvestingPro data shows the stock is currently trading above its calculated Fair Value. BitGo does carry a weak gross profit margin of just 1.64%, though its P/E ratio sits at 14.04, and the company is profitable.
Other Firms Weigh In
The wave of initiations didn’t stop there. Compass Point started coverage with a Buy rating, pointing to BitGo’s push into a full-service prime brokerage model. The firm noted that custody fees make up roughly half of net revenue.
Deutsche Bank also issued a Buy, citing the company’s potential to benefit from growing institutional adoption of crypto services in the U.S.
Cantor Fitzgerald came in with an Overweight rating, framing BitGo as an infrastructure and software layer in the crypto space — one that isn’t directly tied to digital asset prices or trading volumes.
Goldman Sachs took a more measured stance, initiating with a Neutral rating and a $11.50 price target based on adjusted EBITDA. It’s the only major firm so far to stop short of a buy-equivalent rating.
Mizuho noted that BitGo manages over $100 billion in assets on its platform, underlining the scale that several analysts flagged as a core competitive advantage.
Goldman’s $11.50 target sits well below the $15–$18 range offered by the more bullish initiations, leaving a wide spread in where analysts think the stock is headed.
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