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Citi has identified Circle (CRCL) and Bullish (BLSH) as promising crypto-related stocks through the end of the year, according to TipRanks.
Citi analyst Peter Christiansen said the crypto market rebounded in the third quarter and institutional ETF flows also turned to net inflows. Christiansen added investor interest is expanding beyond crypto prices to related infrastructure, including stablecoins, tokenization, custody and settlement.
Christiansen said Circle, the issuer of USDC, could expand its business into payments, settlement and tokenized asset issuance by using its own blockchain, Arc. Bullish, an institutional crypto exchange, is likely to gain an advantageous position in the tokenized equities market once its acquisition of Equinity is completed, Christiansen said, as the company would be able to use Equinity’s corporate issuer clients and shareholder registry management system.
Citi rates both stocks buy, with 12-month price targets of $243 for Circle and $50 for Bullish.