Crypto ETF issuer VanEck is optimistic about BitGo’s performance in the public market following its public listing. It believes that the crypto custody company will grow significantly in 2026. The investment manager predicts that BitGo stock might increase by 65% above its IPO midpoint within 12 months.
VanEck Chief Reveals BitGo Stock Price Prediction
In an X post, VanEck’s Head of digital assets research, Matthew Sigel, stated that under their most bullish scenario, they expect a fair value market cap above $3 billion for the crypto stock. Meanwhile, their 12-month target puts the stock at $26.50 per share, which is 65% above the midpoint of the price range.
Based on certain fundamentals, Sigel estimates a more conservative fair value market cap of $2.4 billion for the BitGo stock, representing a price of $21 per share. This also translates to a 30% upside from the middle of the offering range and a valuation of around 20x 2028 EV/EBITDA.
The VanEck chief stated that they justified this multiple because the crypto custodian derives over 80% of its revenues from sticky service businesses like custody and staking revenue, compared to the top crypto exchange, Coinbase, which derives only about 40% of its revenues from these services. He noted that this creates more predictable, higher-quality earnings than transaction-oriented businesses, which gives BitGo a premium valuation.
As part of the base case for BitGo stock, VanEck also expects the crypto custodian to sustain a less dramatic but still steep trajectory and to grow revenues by about 26% through 2028. This places the company on track to generate over $400 million in revenue and over $120 million in EBITDA by 2028.
The forecast came just as BitGo priced its shares at $18 in its successful U.S. IPO earlier this week, raising over $212 million. The stock debuted on the New York Stock Exchange (NYSE) under the ticker ‘BTGO.’
Bullish Fundamentals For The Stock Price
The VanEck chief also outlined other rationales for these forecasts for BitGo stock, citing bullish fundamentals for the crypto custodian. He noted that this was the first crypto IPO of the year and that the company will be the first publicly traded company to offer investors pure-play exposure to the crypto custody business.
Sigel further remarked that, with a relatively modest $2 billion market capitalization, BitGo is also one of the few publicly traded crypto-related businesses that likely grew revenues greater than 50% during 2025’s disappointing crypto market.
Sigel and VanEck also see significant upside for the BitGo stock from tokenization, as tokenized real-world assets are up 270% year-over-year (YoY). Another bullish fundamental he outlined is the institutionalization of digital assets, which have gained support by continual innovation thanks to deregulation, including new SEC rule-making and the possible passage of the CLARITY Act.
He also envisages a scenario in which BitGo serves as custodian for most of the companies that intend to use stablecoins within the next three years. Sigel declared that the firm stands as a “white-glove custody provider with an unblemished (zero hacking losses) security record.”
VanEck also predicts that the BitGo stock could benefit if BTC trades back above $120,000 over the next 12 months, which they believe is likely. The crypto custodian holds 2,369 BTC on its balance sheet, which the ETF issuer believes could lead to a more bullish scenario, with the BTGO stock trading at $26 within the next 12 months.
In the meantime, the crypto stock hasn’t exactly had the perfect start. The stock dropped below its IPO price on its first full day of trading, closing at $14.50. This represents a drop of over 21% on the day.
