Citi Cuts Gemini Price Target as Bullish Gains Momentum

Citigroup signaled caution on Gemini (GEMI), trimming its price target to $23 from $26 while maintaining a neutral, high-risk rating, even as the exchange climbed 5.5% to $20.60 on Friday.

Analyst Peter Christiansen noted that while Gemini’s marketing efforts—particularly the Gemini Card and app downloads—have been strong, the impact on user engagement and trading volumes is taking longer to materialize. Early October data shows trading volumes only slightly above September, and weaker than July or August, despite the hype around the XRP co-branded card launched ahead of Gemini’s IPO.

The revised price target still implies a 45% discount to Coinbase’s expected 2027 enterprise value-to-sales ratio.

Meanwhile, Bullish (BLSH) is seeing accelerating momentum. Citi raised its price target to $77 from $70, suggesting nearly 40% upside from its current price of $55.62, citing the platform’s New York BitLicense approval and expanding institutional access. The bank reaffirmed its buy/high-risk rating, highlighting Bullish’s strategic position at the forefront of the next wave of crypto adoption as regulatory clarity improves.

Bullish is also the parent company of CoinDesk.