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Mizuho cuts BitGo price target to $11, cites Clarity Act delays

Mizuho kept an Outperform rating on BitGo, arguing delayed U.S. crypto market structure rules could extend its regulatory advantage as it posted $4.33 billion in Q2 revenue.

Reported · Written up by our desk · Market Structure

Mizuho lowered its stock price target for BitGo to $11 from $14 while keeping an Outperform rating, according to The Block. The firm characterized BitGo as a high-growth, recurring revenue business, citing a 27% year-over-year increase in its customer base.

Mizuho also suggested that delays to the Clarity Act, a proposed federal market-structure framework for digital assets, could end up helping BitGo. The analysts said extending the period of regulatory uncertainty could compound the company’s “trusted and already licensed” advantage, especially since BitGo already operates a federally chartered digital asset trust bank owned by a publicly traded company.

The Clarity Act is intended to establish market-structure rules and clarify regulator authority, but it has faced repeated delays tied to negotiations over key issues, The Block reported. Mizuho argued that a later arrival of regulation could preserve a window where compliance head starts matter, rather than increase the burden for new entrants immediately.

In company results cited by The Block, BitGo reported $4.33 billion in total revenue in second quarter 2026, up 79.6% year over year. Despite the revenue growth, it posted a net loss of $19 million for the quarter, an improvement versus a $60.7 million loss in the prior quarter.

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