Wall Street’s sentiment toward cryptocurrency stocks has soured over the past two months, with several major firms seeing price forecast revisions. Citigroup recently lowered its 12-month price targets for Bitcoin and Ethereum and cut targets for stocks like Strategy, Bullish, and Gemini. The sole exception was Galaxy Digital, which received a price target increase. Galaxy reported a massive sequential net income increase of about 1,500% for Q3 2025, driven by strong performance in its Global Markets and Asset Management businesses.
Crypto stocks have faced a challenging period, leading to divided opinion on Wall Street. Several bearish price forecast revisions were executed in March, with Citigroup being one of the latest firms to lower its outlook. The bank cited the delay over progress on the CLARITY Act as a reason for its revised forecasts.
On March 19, Citi lowered its stock price targets for several cryptocurrency companies including Strategy, Bullish, and Gemini. Its Bitcoin forecast was cut from $143,000 to $112,000, while its Ethereum forecast was reduced from $4,304 to $3,175. The sole exception to these cuts was Galaxy Digital, which saw its price target raised from $27 to $30.
Galaxy Digital‘s latest quarterly report for Q3 2025 showed a net income of $505 million. This represented a sequential increase of approximately 1,500%, largely attributed to the firm’s Global Markets business. Digital asset trading volumes surged 140% year-over-year to record levels.
The company’s Asset Management & Infrastructure Solutions business also saw strong growth with over $2 billion in net inflows for the quarter. It ended the period with nearly $9 billion in assets under management, securing long-term agreements with digital asset treasury companies.
