Mizuho reduced its price target on BitGo to $11 while maintaining a constructive long-term view, characterizing the firm as a high-growth, recurring-revenue business with 27% year-over-year customer base expansion. The analyst note argues that delays in the Digital Asset Market Clarity Act could actually benefit BitGo by extending the period in which established custodians operate without new competitive entrants gaining regulatory parity. For Armada's crypto desk, this matters because BitGo competes directly with Fireblocks for institutional custody mandates. If Clarity Act delays create a more favorable environment for entrenched custodians, Armada should assess whether Fireblocks' SOC 2 positioning and no-rehypothecation policy remain differentiating or whether the competitive landscape shifts before Armada's full launch.