Citi's Crypto Stock Picks: A Mixed Bag

Citi has updated its list of favorite crypto-related stocks. Even though crypto prices have been going up and down, the bank still believes in these companies. Circle, the company behind the USDC stablecoin, is Citi's top pick. Even though its stock price has dropped a lot, Citi still thinks it's worth $243 per share. Right now, it's trading at $83. 60. Next on the list are Bullish and Coinbase. Citi thinks Bullish is in a good spot because more big investors are getting into crypto. They lowered their price target for Bullish to $67 from $77, but it's still higher than the current $44. For Coinbase, they kept their price target at $505, even though it's currently at $242.MicroStrategy, known for its big bitcoin holdings, also got a mention. Citi cut its price target to $325 from $485, but it's still a big jump from its current $160. Riot Platforms, a bitcoin mining company, is another pick. Citi lowered its price target to $23 from $28, but it's still higher than the current $14. Lastly, Citi mentioned Gemini, but they're not as positive about it. They cut their price target to $13 from $16, saying there's more competition. Right now, Gemini is trading at about $11. Citi's picks show they're still optimistic about crypto, but they're also being realistic about the current market conditions.