Gemini Faces Citi Price Target Cut; Bullish Token Enjoys Boost

Citi Cuts Gemini Price Target While Bullish Gains Traction

Citigroup lowered its price target on Gemini (GEMI) to $23 from $26, keeping a neutral, high-risk rating, even as shares rose 5.5% to $20.60 on Friday. Analyst Peter Christiansen noted that while marketing efforts—such as the Gemini Card and app downloads—have been strong, trading volume growth has slowed. Early October data shows only marginal improvement over September and weaker activity than in July or August, despite the launch of the XRP co-branded card ahead of Gemini’s IPO. The revised target implies a 45% discount to Coinbase’s projected 2027 enterprise value-to-sales ratio.

In contrast, Bullish (BLSH) is gaining momentum. Citi raised its price target to $77 from $70, suggesting nearly 40% upside from its current $55.62, citing the platform’s New York BitLicense approval and expanding institutional access. Citi reaffirmed its buy/high-risk rating, emphasizing Bullish’s leading role in the next phase of crypto adoption amid improving regulatory clarity.

Bullish also owns CoinDesk, further expanding its footprint in the crypto ecosystem.