Key Highlights
- Citi continues to recommend Buy ratings for Circle Internet Financial and Bullish Group among crypto equities
- Circle receives a $243 valuation target, with USDC stablecoin positioned as primary catalyst
- Bullish’s valuation target adjusted to $65 from previous $67 following revised Bitcoin projections
- Bullish delivered 70% month-over-month growth in spot trading activity between January and February
- Ongoing regulatory discussions surrounding the CLARITY Act remain unresolved yet haven’t altered Citi’s recommendations
Analysts at Citi have positioned Circle Internet Financial and Bullish Group as their preferred crypto equity investments at present, while federal legislators work through digital asset regulatory frameworks.
The financial institution’s selections arrive during a period marked by Bitcoin price fluctuations and congressional delays regarding the CLARITY Act, legislation addressing stablecoin parameters and comprehensive crypto supervision.
Circle stands as Citi’s primary recommendation. The institution assigns a Buy designation with a $243 valuation target, representing approximately 97% upside from current trading levels.
Circle’s primary operation centers on issuing the USDC stablecoin. Citi identifies expanding revenue streams connected to USDC, particularly as artificial intelligence systems increasingly manage payment processing and financial operations.
The institution positions Circle as a likely foundational settlement infrastructure for AI-powered economic activity. Its Arc Blockchain currently operates in testnet phase, with potential mainnet deployment anticipated during 2026.
Citi’s $243 projection incorporates approximately $200 billion in payment and transfer activity developing across the coming five-year period. Additional market analysts share optimistic views on Circle’s trajectory, with Clear Street elevating the stock to Buy status and Bernstein maintaining an Outperform recommendation.
Bullish Expands Through Institutional Platform
Citi’s secondary selection involves Bullish Group, a cryptocurrency exchange concentrating on institutional clientele as its core market.
Bullish equity has appreciated roughly 55% following the company’s most recent quarterly disclosure, propelled by robust trading metrics during January and February.
Citi made a modest downward revision to Bullish’s price objective, moving from $67 to $65. This modification stems from recalibrated Bitcoin valuation models rather than shifts in operational performance assessments.
Bullish secured its New York BitLicense during September 2025, enabling expanded engagement with American institutional participants. The platform additionally introduced options trading capabilities in late 2025.
February spot trading metrics at Bullish demonstrated 70% expansion versus January figures, which Citi highlighted as evidence supporting sustained momentum.
Despite favorable volume data, Bullish shares have declined roughly 2% year-to-date, currently exchanging near $38.54.
Legislative Framework Remains Unfinished
The CLARITY Act, proposed legislation establishing stablecoin governance standards, continues under congressional review. Committee markup may occur by late March, with floor voting potentially scheduled for April or May.
Citi analysts anticipate negotiated adjustments to the bill’s more contentious provisions, including stablecoin reward structures. This uncertainty has produced no modifications to the bank’s assessment of either equity.
Rosenblatt and JPMorgan both reduced their Bullish price projections, while Rosenblatt and Canaccord Genuity maintained Buy recommendations.
Bullish spot trading volumes registered 70% monthly growth in February versus January, representing the latest publicly disclosed performance metric from the company.
