Analysts say BitGo could be an acquisition target for Wall Street

Wall Street analysts at Compass Point and Canaccord see BitGo as a likely acquisition target as the company pushes into full-service institutional crypto finance. Compass Point analyst Ed Engel, who has a buy rating, said BitGo’s suite of services could appeal to traditional firms seeking to offer crypto products to clients and called the firm an “ideal M&A target” for companies expanding into the space.

BitGo, one of the first digital asset firms to go public this year, provides custody and security services mainly for institutional clients and has been cast as a bridge between traditional finance and digital assets. Engel argued investors are too focused on custody revenue and underappreciate BitGo’s opportunity to cross-sell prime services, noting peers’ prime-brokerage metrics suggest significant upside if BitGo ramps those offerings.

United States, New York

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