[Mizuho Bank Initiates Coverage on BitGo with 'Outperform' Rating, Target Price Implies 70% Upside Potential from Current Levels] BlockBeats News, February 18: Despite BitGo's stock price decline on Tuesday, Mizuho Bank expressed a positive outlook on the institutional-grade crypto custody platform in its first research report. Mizuho Bank analysts Dan Dolev and Alexander Jenkins described BitGo as a 'military-grade custodian,' highlighting its long-standing security track record and its strategy of focusing on institutional clients as core advantages in the increasingly competitive custody market. The report noted that over 80% of BitGo's revenue comes from recurring services such as custody and staking, rather than volatile trading activities, which sets it apart among crypto infrastructure companies. The analysts assigned BitGo an 'Outperform' rating and a target price of $17, implying nearly 70% upside from the current trading price of approximately $10.15. Mizuho Bank expects the adoption of stablecoins and tokenized real-world assets to drive institutional adoption, accelerating the company's revenue growth. Nevertheless, since its listing on the NYSE in January at an IPO price of $18, BitGo's stock has fallen approximately 44%, reflecting the market's overall cautious sentiment toward crypto-related stocks.