Wall Street analysts are optimistic about BitGo's prospects as institutional adoption of cryptocurrency accelerates. Mizuho initiated coverage with an Outperform rating and $17 price target, while Citi assigned a Buy rating with an $18 target. Both brokerages highlighted BitGo's position as a leading digital asset custodian and infrastructure provider for institutional clients.

Mizuho emphasized BitGo's scale in custody, with the firm safeguarding more than $100 billion in assets. The brokerage noted that over 80% of revenue comes from custody fees and staking services, providing stability compared to transaction-driven peers. Mizuho expects revenue to grow at roughly 28% annually through 2027, outpacing competitors like Coinbase.

Citi views BitGo as a central infrastructure provider for on-chain finance, noting the company's shift from pure custody to a broader institutional platform. The bank highlighted BitGo's multi-signature custody model and compliance framework as key attractions for institutions focused on risk controls. Citi expects tokenization, regulated decentralized finance, and stablecoin growth to drive increased demand for custody and settlement services, supporting BitGo's medium-term net revenue growth of around 30%.