Citi Downgrades Gemini, Bullish Gets Upgrade Amid Growing Crypto Adoption
Citigroup cut its price target for Gemini (GEMI) to $23 from $26, maintaining a neutral, high-risk rating, as shares gained 5.5% to $20.60 on Friday. Analyst Peter Christiansen cited slowing trading growth despite strong marketing efforts, including the Gemini Card and high app downloads. Early October data shows volumes only slightly above September and lower than July or August, dampening expectations from the XRP co-branded card ahead of Gemini’s IPO. The new target implies a 45% discount to Coinbase’s projected 2027 enterprise value-to-sales ratio.
Conversely, Bullish (BLSH) is seeing accelerating momentum. Citi raised its price target to $77 from $70, signaling nearly 40% upside from the current $55.62, driven by the platform’s New York BitLicense approval and growing institutional participation. Citi reaffirmed its buy/high-risk rating, highlighting Bullish’s strategic positioning in the next wave of crypto adoption as regulatory clarity improves.
Bullish also owns CoinDesk, strengthening its presence in the broader crypto ecosystem.
