Wall Street bank Citigroup updated its coverage of digital-assets stocks to reflect broad declines in the crypto market but maintained a constructive stance on the sector.

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

Circle Financial (CRCL), the issuer of the USDC stablecoin, remains Citi’s top pick. The firm reiterated its $243 price target, even after the stock fell sharply to its current level of $83.60.

Christiansen highlighted Bullish (BLSH) and Coinbase (COIN) as his next preferred names. “We see BLSH in the sweet spot, benefiting from rising institutional participation—particularly in the U.S.—and TradFi involvement,” he wrote. BLSH’s price target was lowered to $67 from $77 but still implies significant upside from its current $44. COIN’s price target was maintained at $505 versus its current $242.

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

Citi remains positive on bitcoin miner Riot Platforms (RIOT), although the price target was cut to $23 from $28. Riot was trading around $14 at the time of the report.

Neutral-rated Gemini (GEMI) had its price objective lowered to $13 from $16, with analysts citing “increasing competitive challenges.” Shares were changing hands at approximately $11 on Friday morning.

Overall, Citi’s updated coverage reflects caution amid market weakness but underscores the bank’s continued confidence in the long-term potential of leading digital-assets stocks.