Mizuho Securities is betting that Bitgo’s institutional-grade custody model will outweigh its bruising 50% post-IPO decline, initiating coverage with an Outperform rating and a $17 price target.
‘Military-Grade’ — Mizuho Backs Bitgo’s Infrastructure Play Despite Stock SlumpThe Mizuho analysts describe Bitgo’s custody infrastructure as “military-grade,” pointing to its security record and institutional focus as key differentiators. Founded in 2013, the company has avoided major hacks, a track record Mizuho frames as critical in a sector where security lapses can be existential.
FAQ Why did Mizuho initiate coverage on Bitgo?Mizuho launched coverage with an Outperform rating, citing Bitgo’s security record, recurring revenue model and institutional positioning. What is Mizuho’s price target for Bitgo?The firm set a $17 target, implying roughly 50% to 60% upside from recent levels. How much has Bitgo stock fallen since its IPO?Shares have declined about 50% from their all-time levels. How large is Bitgo’s custody business?The company safeguards more than $100 billion in client assets under custody.
