Mizuho lowered its price target on BitGo Holdings to $11 from $14 while maintaining its Outperform rating, but argued that repeated delays to the U.S. Digital Asset Market Clarity Act could ultimately help the crypto custodian deepen its competitive advantage. The firm said the market has broadly treated postponed regulatory clarity as a negative for BitGo, yet BitGo’s existing position may make the opposite case: it already has what Mizuho described as the first federally chartered digital asset trust bank in the U.S. controlled by a public company, meaning its business does not depend on new rules taking effect while rivals still need clearer regulation. Mizuho said each quarter of delay allows BitGo’s existing licenses, compliance systems and regulatory head start to compound, raising barriers for new entrants. The note still comes against a tougher backdrop for crypto-linked valuations and follows earlier target cuts since BitGo’s January 2026 IPO at $18 per share. BitGo briefly traded as high as about $24.50 after listing before pulling back. On operating performance, BitGo reported second-quarter revenue of $4.33 billion, up 79.6% from a year earlier, while net loss narrowed to $19 million from a $60.7 million loss in the prior quarter. Mizuho said the stock is being valued more like a distressed company even though its underlying profile is closer to a high-growth business with recurring revenue. The firm highlighted 27% year-over-year customer growth and 7% quarter-over-quarter growth in subscription and services revenue, and pointed to partnerships with DTCC, Canton and Figure that could position BitGo as a key infrastructure provider for tokenized securities and on-chain financial products.