VanEck Head of Digital Asset Research: BitGo IPO may have a 30% upside, reasonable market value should exceed $3 billion

VanEck's Head of Digital Asset Research, Matthew Sigel, stated in a post on X that VanEck will participate in BitGo's public offering. He believes that BitGo is one of the few publicly traded cryptocurrency-related companies that may see revenue growth exceeding 50% in the disappointing cryptocurrency market of 2025.

At the same time, they expect BitGo's growth momentum to be less robust than Coinbase's, but revenue is still projected to grow by 26% by 2028. This could position the company to achieve over $400 million in revenue and over $120 million in EBITDA by 2028. Therefore, they estimate BitGo's fair market value at $2.4 billion (approximately $21 per share), which represents a 30% upside from the midpoint of the offering price range.

In a more optimistic scenario, they believe BitGo's reasonable market value should exceed $3 billion, with a 12-month target price reaching $26.50 per share, about 65% higher than the midpoint of the price range.