Crypto stocks retain Citi’s support even as bitcoin faces year-end pressure

Citigroup refreshed its digital-asset stock coverage on Friday, acknowledging recent declines in the crypto market while maintaining a constructive outlook on the sector.

“Despite recent token volatility, we remain bullish on digital assets stocks,” analysts led by Peter Christiansen wrote.

Circle Financial (CRCL), the issuer of the USDC stablecoin, continues to be Citi’s top pick. The bank reiterated its $243 price target, even after the stock fell to $83.60.

Other preferred picks include Bullish (BLSH) and Coinbase (COIN). “BLSH is positioned to benefit from growing U.S. institutional and traditional finance participation,” Christiansen said. The BLSH price target was lowered to $67 from $77, still well above its current $44. COIN’s target remains at $505 versus a current price of $242.

Buy-rated MicroStrategy (MSTR) also saw a reduced price target following its drop to the $160 range. The new target of $325, down from $485, still implies roughly 100% upside.

Citi remains positive on bitcoin miner Riot Platforms (RIOT), though the target was cut to $23 from $28. Riot was trading near $14.

Neutral-rated Gemini (GEMI) had its target lowered to $13 from $16, citing “increasing competitive challenges,” with shares around $11.

While adjusting price targets to reflect recent market weakness, Citi’s report underscores the bank’s continued confidence in the long-term potential of leading digital-asset stocks.