Markets
What to know:
- Citigroup cuts its price target on neutral-rated Gemini, while lifting its outlook on buy-rated Bullish.
- Gemini’s exchange growth will take longer, with Oct. volumes lagging expectations despite strong card sign-ups and app downloads, said the bank’s analyst team.
- Bullish’s New York BitLicense approval and expanding institutional access are signs of growing momentum.
Ah, Gemini. Still waiting for the proverbial train to come, as Wall Street bank Citigroup graciously informs us. Yes, it’s a long wait, but we must endure. The crypto exchange, led by a team of visionaries, is taking its sweet time to deliver results. The analysts at Citigroup, who surely have better things to do, have downgraded their price target on Gemini (GEMI) from $26 to a modest $23, a reduction that signals… well, perhaps it’s time to re-evaluate your crypto investments? But who’s counting, right? 😏
Yet, despite the lowered expectations, GEMI had a good Friday, rising 5.5% to $20.60. Hooray for them! What a rollercoaster. 🎢
Peter Christiansen, the ever-hopeful analyst, was quick to mention that while Gemini’s marketing push (read: tons of ads everywhere) has been impressive, it will take some time to see any real impact. Oh, and the trading volumes in October? Not exactly setting the world on fire. Apparently, the XRP co-branded card launch didn’t quite blow anyone’s mind. Shocking, isn’t it? 🙄
And just to add some spice, the new price target still implies a 45% discount to Coinbase’s (COIN) expected 2027 enterprise value-to-sales ratio. So, basically, you’re getting Gemini on a bargain, if you’re into that kind of thing. 😅
Bullish PT lifted
Now, let’s talk about the little engine that could: Bullish (BLSH). In a shocking twist, Christiansen and his merry band of analysts have raised their price target from $70 to $77. That’s almost a 40% increase from the current price of $55.62. Can you feel the excitement? I certainly can.
Bullish, having just secured its New York BitLicense (that’s a big deal, apparently), is gaining momentum like a runaway train. As they expand institutional access and the regulatory waters become clearer, it seems like Bullish is positioning itself as the poster child for the next wave of crypto adoption. Go, Bullish! 🐂🚀
Oh, and by the way, Bullish owns CoinDesk. Yes, that CoinDesk. Can you feel the power now? 💪
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2025-10-24 19:14