After lowering its 12-month price targets for Bitcoin (BTC) and Ethereum (ETH), Citigroup (NYSE: C) lowered the stock price targets on several cryptocurrency companies on March 19.
Founded as the City Bank of New York in June 1812, Citigroup is the third-largest banking institution in the United States by assets.
Citing the delay over the progress on the CLARITY Act, the bank recently lowered the Bitcoin forecast from $143,000 to $112,000 and the Ether forecast from $4,304 to $3,175.
Now, the Wall Street bank has trimmed price targets on stocks of multiple crypto companies.
Related: 213-year-old Wall Street giant trims Bitcoin, Ether price targets
Strategy (Nasdaq: MSTR), formerly MicroStrategy, is the world’s largest corporate Bitcoin treasury led by billionaire Michael Saylor.
The company now holds 761,068 Bitcoin, accounting for 3.6% of the total BTC supply.
Citigroup lowered the stock price target on Strategy by 20% from $325 to $260. The bank kept a “Buy” rating on the company’s shares.
The MSTR stock closed 6.5% lower at $140.56 today.
Backed by PayPal co-founder Peter Thiel, Bullish (NYSE: BLSH) is a crypto trading exchange for institutions.
Citigroup lowered the stock price target on Bullish from $67 to $65. The bank held a “Buy” rating on its shares.
The BLSH stock closed more than 4% lower at $38.28 today.
Riot Platforms (Nasdaq: RIOT) is a popular Bitcoin mining company.
Citigroup cut the price target on the stock from $23 to $21, while keeping a “Buy” rating on the shares.
The RIOT stock also closed nearly 4% lower at $14.10 today.
BitGo Holdings (NYSE: BTGO) is a crypto custody company. It made its Wall Street debut in January when it went public on the New York Stock Exchange (NYSE).
Citigroup trimmed the firm’s stock price target on BitGo from $18 to $17, while keeping a “Buy” rating on the shares.
The BTGO stock closed around 6% lower at $10.08 today.
Gemini Space Station (NASDAQ: GEMI) is a major crypto trading exchange led by the Winklevoss twins.
