Mizuho slashed its BitGo price target to $11 from $14, citing stalled US crypto legislation and a market downturn. The bank kept its Outperform rating despite the second cut this year.
Mizuho Securities slashed its price target on BitGo Holdings to $11 from $14, the second downward revision this year for the crypto custodian. The bank kept its Outperform rating.
BitGo went public in January 2026 at $18 a share. The stock briefly touched $24.50 before declining. Mizuho previously trimmed its target from $17 to $14 earlier this year.
Mizuho cited stalled progress on the Digital Asset Market Clarity Act and a crypto market downturn. Bitcoin trades roughly 50% below its all-time high. The bank projects a 20% decline in BitGo's net revenue between 2026 and 2027, tied to lower trading volumes and asset valuations.
The Clarity Act, designed to give crypto firms a coherent US regulatory framework, has hit delays. Progress on the bill is uncertain, with potential pushback into September 2026 or later.
BitGo holds over $100 billion in assets on its platform. Customer base grew 27% year-over-year and 5% quarter-over-quarter. Some business lines reported 227% trailing twelve-month revenue growth.
The path forward hinges on two variables outside BitGo's control: the Clarity Act's fate and the trajectory of Bitcoin and the broader crypto market. Continued delays mean continued uncertainty for revenue tied to asset values.
Mizuho's $11 target still implies upside from the current trading level. The Outperform rating remains in place despite the second consecutive price target cut.
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