BitGo Target Price Cut to $11 by Mizuho as Analyst Keeps Outperform Rating

Mizuho lowered its price target for crypto custody firm BitGo to $11 from $14 while keeping an outperform rating. According to Odaily, BitGo shares were trading at about $5.61 when the report was released.Mizuho said the delayed U.S. crypto market structure bill, the Clarity Act, is widely seen as negative for the market, but it may benefit BitGo because the company already operates the first federally chartered digital asset trust bank owned by a public company. The firm said BitGo’s regulatory position does not depend on the bill’s passage.The analysts said the Clarity Act is intended to create a U.S. digital asset market structure framework and define the division of authority among regulators. They added that the bill has continued to be delayed as negotiations over key issues have repeatedly stalled.Mizuho said each quarter of regulatory uncertainty allows BitGo’s existing licenses and compliance lead to build further, while raising barriers for new entrants.