Citi Cuts Targets On Four Crypto Stocks, Says Move Is About Valuation — Not Risk

All crypto stocks rose on Monday’s pre-market trading, even as Citi lowered targets for the crypto equities.

• Citi lowered price expectations for four crypto-linked equities due to revised assumptions about digital asset values.
• Gemini Space Station’s target decreased from $16 to $13 with a 'Neutral' rating, but on Stocktwits, retail sentiment around Gemini remained in the ‘neutral’ zone.
• Citi remains optimistic about the digital asset sector, naming Circle Internet as its top pick.

Citigroup cut its price targets on four widely followed crypto-linked stocks, citing revised digital asset valuation assumptions, even as the shares traded higher in Monday’s premarket session. These four crypto-stocks include Strategy, Riot Platforms, Gemini Space Station, and Bullish.

According to the Fly, Citigroup said the changes reflect a broader recalibration across digital asset–exposed companies rather than a deterioration in fundamentals, while reiterating its longer-term optimism for the sector.

Citi Lowers Targets on MSTR, RIOT, GEMI, BLSH

The investment bank lowered Strategy (MSTR)'s price objective to $325 from $485 while maintaining a ‘Buy’ rating, as per TheFly. Citi said the price change is due to a change in valuation across multiple revisions for digital-asset–exposed firms, not an inflection point in the sector.

Strategy closed Friday at $164.82, up 4.16% on the session. On Monday morning, MSTR traded around $167.97, adding a further 1.9% in pre-market hours. On Stocktwits, the retail sentiment around Strategy was in the ‘extremely bearish’ zone over the past day, accompanied by ‘low’ levels of chatter.

Citi also lowered its price target for Riot Platforms (RIOT), a U.S.-based Bitcoin mining company, from $28 to $23 while maintaining its "Buy" rating. The bank said that its assessment still takes into account the potential benefits of clearer rules and broader changes to the law affecting digital assets. Riot Platforms climbed 8.37% to close at $14.50 on Friday, then 1.5% higher to $14.72 in premarket hours on Monday. On Stocktwits, the retail sentiment around Riot Platforms was in the ‘bullish’ zone over the past day. Chatter around RIOT remained at ‘low’ levels.

Gemini Space Station (GEMI) shares saw a more cautious change, with Citi analyst Peter Christiansen decreasing its price target from $16 to $13 and keeping its rating 'Neutral'. Citi explained that the amended repricing includes updated estimates for value and near-term growth prospects. Gemini (GEMI) rose 5.74% to close at $11.42 on Friday. On Stocktwits, retail sentiment around Gemini continued to be in ‘neutral’ territory, with ‘low’ levels of chatter.

Citi also reduced the price target for Bullish (BLSH) to $67 from $77, maintaining a ‘Buy’ rating on the company. As with the other names, the bank highlighted value adjustments rather than company-specific deterioration. Bullish (BLSH) jumped 4.01% to $44.60 on Friday and 1.64% to $45.33 in pre-market activity. On Stocktwits, retail sentiment around Bullish continued to be in ‘bearish’ territory, with ‘low’ levels of chatter.

Citi Names Circle As Top Pick

While the financial firm cut its price expectations, it remained optimistic about the digital assets sector through 2026, citing the possibility of legislative reform as a catalyst. 

The bank highlighted that Circle Internet (CRCL) is its top selection in the digital asset sector for now. Circle rose 6.35% to $86.13 on Friday and 1.36% to $87.34 pre-market on Monday. On Stocktwits, retail sentiment around Circle continued to be in ‘bearish’ territory, with ‘low’ levels of chatter.

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