BitGo (BTGO) Stock: Mizuho, Canaccord and Clear Street Initiate With Buy Ratings

TLDR

• Mizuho initiated BitGo (BTGO) with Outperform and $17 price target, citing institutional custody scale and resilient recurring revenue.
• Canaccord started coverage with a Buy and $15 target, backing BitGo’s custody-driven model and global institutional reach.
• Clear Street issued a Buy with an $18 target — the highest of the group — projecting 67% upside from $10.76.
• Clear Street forecasts ~30% net revenue growth and ~60% adjusted EBITDA CAGR through 2028, with margins rising to ~29% by 2028.
• Goldman Sachs is the only firm to hold back, initiating with a Neutral rating and $11.50 price target.

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BitGo picked up a wave of analyst initiations this week, with five major Wall Street firms starting coverage — and four of them coming in bullish.

BitGo Holdings, Inc., BTGO

Mizuho analyst Dan Dolev opened with an Outperform rating and a $17 price target. He pointed to BitGo’s institutional-first custody infrastructure and its recurring revenue model, which he sees as more resilient than transaction-driven peers.

Canaccord followed with a Buy rating and $15 price target, highlighting the company’s position as a leading global player in institutional digital asset custody, offering cold storage security alongside 24/7 liquidity access for spot and derivatives markets.

Clear Street Sets the High Target

Clear Street came in with the most bullish initiation, issuing a Buy and an $18 price target. At BitGo’s recent price of $10.76, that implies potential upside of around 67%.

The firm’s thesis is built around an earnings inflection point, where recurring infrastructure revenue scales faster than operating expenses. Clear Street forecasts approximately 30% net revenue growth and around 60% adjusted EBITDA CAGR through 2028.

Adjusted EBITDA margins are expected to climb from roughly 15% in 2025 to around 29% by 2028, driven by the core subscription and service business and exposure to stablecoin fee streams.

InvestingPro data shows BitGo is profitable with a P/E ratio of 14.04, though its gross profit margin currently sits at just 1.64%. The data also flags the stock as trading above its calculated Fair Value.

More Bulls, One Holdout

Compass Point initiated with a Buy, noting BitGo’s expansion into a full-service prime brokerage model and pointing out that custody fees account for roughly half of net revenue.

Deutsche Bank also came in with a Buy, backing the company’s ability to benefit from growing institutional crypto adoption in the U.S.

Cantor Fitzgerald issued an Overweight rating, framing BitGo as an infrastructure and software layer — one not directly tied to crypto prices or trading volumes.

Goldman Sachs took the most cautious view, initiating with a Neutral rating and an $11.50 price target based on adjusted EBITDA. It’s the only firm in the group to stop short of a buy-equivalent rating.

Mizuho noted that BitGo manages over $100 billion in assets on its platform — a scale that several analysts cited as a core competitive edge.

The spread between Goldman’s $11.50 target and Clear Street’s $18 target leaves a wide gap in where the Street thinks BTGO is heading.

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