Mizuho Bank has initiated coverage on BitGo, assigning an 'Outperform' rating and a $17 price target, suggesting a 70% upside from its current price of $10.15. Analysts Dan Dolev and Alexander Jenkins highlight BitGo's strong security track record and focus on institutional clients as key advantages in the competitive crypto custody market. Over 80% of BitGo's revenue is derived from stable, recurring businesses like custody and staking, distinguishing it from other crypto infrastructure firms. Despite BitGo's stock declining by 44% since its January NYSE listing at $18, Mizuho remains optimistic about its growth prospects. The bank anticipates increased corporate revenue driven by the adoption of stablecoins and tokenized real-world assets, which could enhance institutional engagement with BitGo's services.