Canaccord Genuity Starts BitGo Holdings (BTGO) at Buy

Canaccord Genuity analyst Joseph Vafi initiates coverage on BitGo Holdings (NYSE: BTGO) with a Buy rating and a price target of $15.00.

The analyst comments: "Today, BitGo is one of the leading global players in institutional digital assets custody. The company's approach to custody is noteworthy - simultaneously providing cold storage security combined with 24/7 liquidity access for both spot and derivatives, and also providing $250mm in account insurance. But we like even more where BitGo is going in trading, staking, and prime brokerage... And while we like the recurring revenue derived from the custody of institutional assets, we like even more the strategic positioning it provides to drive new and potentially much larger revenue segments. Started just a few quarters ago, trading revenue is now a fast-growing contributor to the P&L. Institutions can trade from their BitGo custody accounts with direct access to aggregated liquidity from the industry’s top exchanges, market makers and OTC desks, providing some of the best execution available. The company also offers leading institutional grade staking solutions across leading validator nodes on ETH, SOL and other cryptos. BitGo also now supports liquid staking. Lending against custodial balances is also a growth opportunity. Finally, As-a-service offerings in stablecoins and broader crypto solutions position Bitgo into potentially large TAMs beyond institutional AUM, with a focus on enterprise and TradFi markets. Putting it all together, BitGo has arrived as one of the most important infrastructure players in the institutionally focused crypto financial services market."

For an analyst ratings summary and ratings history on BitGo Holdings click here. For more ratings news on BitGo Holdings click here.

Shares of BitGo Holdings closed at $10.76 yesterday.

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