BitGo Continues to Make Robust Progress Despite Crypto Volatility, Wedbush Says
BitGo (BTGO) continues to make robust progress with its platform strategy by partnering with stablecoin providers while expanding its product suite despite the recent market volatility, Wedbush said in a Tuesday research note.The company is being relatively placed in the "penalty box" in a disproportionate manner despite having solid fundamentals amid accelerating assets under custody, analysts wrote.The company does not solely rely on Bitcoin volatility for its business verticals, as it focuses on expanding offerings with steady recurring revenue streams to lower its correlation to digital asset fluctuations, according to the note.The Clarity Act will be a catalyst for digital assets, but BitGo doesn't need the Act to pass for its core thesis to materialize as its OCC-chartered status offers a legal framework for federally supervised custody of digital assets coveted in the industry, according to Wedbush.With take rates improving with higher adoption across products, the company is capitalizing on all verticals and witnessing better monetization across its platform, the brokerage stated.Wedbush said it reiterated its outperform rating on the stock and price target of $15 per share.Price: $5.45, Change: $-0.14, Percent Change: -2.47%
