BUZZ-Wells Fargo initiates Bitgo at 'overweight' on growing crypto custody adoption

Reuters

02/17

BUZZ-<a href="https://laohu8.com/S/EOD">Wells Fargo</a> initiates Bitgo at 'overweight' on growing crypto custody adoption

** Wells Fargo initiates coverage of crypto custody firm Bitgo BTGO.N with "overweight" rating; sets PT of $13

** Says adoption of crypto by large financial institutions (FIs) is still in the early innings and BTGO has first-mover advantage with strong compliance protocols

** Given its strong emphasis on secure storage, BTGO has developed strong partnerships with FIs, crypto providers and tech platforms - Wells Fargo

** Adds that while BTGO is not immune to crypto volatility, it is more insulated than most

** Including session's moves, BTGO down 55.6% since its debut on January 22

(Reporting by Pragyan Kalita in Bengaluru)

((Pragyan.Kalita@thomsonreuters.com;))

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