Citigroup updated its coverage of digital-asset stocks on Friday, reflecting recent market declines while remaining bullish on the sector.
“Despite recent token volatility, we remain bullish on digital assets stocks,” analysts led by Peter Christiansen wrote.
Circle Financial (CRCL), issuer of the USDC stablecoin, remains Citi’s top pick. The bank reaffirmed its $243 price target, even after the stock dropped to $83.60.
Other favored picks include Bullish (BLSH) and Coinbase (COIN). “BLSH is well-positioned to benefit from growing U.S. institutional and traditional finance participation,” Christiansen noted. BLSH’s price target was reduced to $67 from $77, but still represents substantial upside from its current $44. COIN’s target remains $505 versus a current price of $242.
Buy-rated MicroStrategy (MSTR) also saw its price target lowered following its slide to the $160 range. The new target of $325, down from $485, still suggests roughly 100% upside potential.
Citi remains positive on bitcoin miner Riot Platforms (RIOT), though the price target was trimmed to $23 from $28. Riot shares were trading near $14.
Neutral-rated Gemini (GEMI) had its price target cut to $13 from $16, citing “increasing competitive challenges,” with shares around $11.
Overall, Citi’s updated coverage reflects caution amid recent volatility but underscores the bank’s continued confidence in the long-term growth potential of leading digital-asset stocks.
