Citi Analysts Highlight Circle and Bullish as Premier Crypto Investments for 2026

Key Highlights

• Citi reaffirms Buy recommendations for Circle Internet Financial and Bullish Group among crypto equities
• Circle’s price objective stands at $243, supported by USDC stablecoin expansion potential
• Bullish’s target adjusted downward to $65 from $67 following revised Bitcoin price assumptions
• Bullish disclosed a 70% month-over-month jump in spot trading activity from January to February
• Ongoing regulatory debates surrounding the CLARITY Act haven’t altered Citi’s investment thesis

Citi’s research division has identified Circle Internet Financial and Bullish Group as the firm’s preferred crypto equity investments heading into the rest of the year, maintaining confidence despite ongoing congressional deliberations over digital asset frameworks.

These selections persist through Bitcoin’s price fluctuations and delayed progress on the CLARITY Act, legislation addressing stablecoin governance and comprehensive cryptocurrency regulation.

Circle commands the leading position in Citi’s analysis. The financial institution assigns a Buy rating with a $243 price objective, representing approximately 97% upside from current market levels.

Circle Internet Group, CRCL

Circle’s primary product is the USDC stablecoin. Citi identifies expanding revenue streams connected to USDC, particularly as artificial intelligence systems increasingly manage payment processing and financial operations.

Analysts at the bank position Circle as a likely fundamental infrastructure layer for AI-powered financial transactions. The company’s Arc Blockchain platform is presently operating in testnet phase, with mainnet deployment potentially arriving in the latter half of 2026.

Citi’s $243 valuation model incorporates approximately $200 billion in payment and transfer volume accumulation across the coming five-year period. Additional Wall Street firms share optimism about Circle’s trajectory, with Clear Street elevating its rating to Buy and Bernstein maintaining an Outperform stance.

Bullish Strengthens Position Among Institutional Traders

Citi’s runner-up selection is Bullish Group, a digital asset exchange platform targeting institutional market participants rather than individual retail investors.

Bullish, BLSH

Bullish equity has appreciated roughly 55% following the firm’s most recent quarterly earnings disclosure, propelled by robust trading metrics throughout the first two months of this year.

Citi implemented a modest reduction to its Bullish price objective, moving from $67 down to $65. This modification stems from recalibrated Bitcoin valuation models rather than fundamental concerns about the company’s operational performance.

Bullish secured its New York BitLicense authorization in September 2025, enabling expanded engagement with American institutional market participants. The platform additionally introduced options trading capabilities in the closing months of 2025.

Spot trading volume at Bullish during February climbed 70% relative to January figures, a development Citi interprets as evidence of sustainable momentum.

Despite favorable trading metrics, Bullish stock has declined approximately 2% year-to-date, currently exchanging hands near $38.54.

Policy Framework Remains Unresolved

The CLARITY Act, proposed legislation establishing stablecoin regulatory parameters, continues moving through the legislative process. Committee markup sessions could materialize by late March, with floor voting potentially scheduled between April and May.

Citi’s research team anticipates negotiated adjustments to the bill’s more controversial provisions, including stipulations regarding stablecoin yield programs. The prevailing uncertainty hasn’t prompted the bank to revise its investment recommendations on either equity.

Rosenblatt and JPMorgan both reduced their Bullish price targets, though Rosenblatt and Canaccord Genuity preserved Buy ratings.

Bullish’s February spot trading volume represented a 70% increase versus January, constituting the most current publicly available operational data from the company.