Crypto exchange Gemini (GEMI) is still a waiting game, said Wall Street bank Citigroup. Led by analyst Peter Christiansen, the bank's analyst team reiterated its neutral and high-risk call on GEMI, while trimming the price target to $23 from $26. GEMI is higher by 5.5% on Friday to $20.60. While Gemini’s marketing push has been impressive, particularly around the Gemini Card and its app downloads, said Christiansen, the impact on the exchange’s user base and engagement will likely take longer to materialize. Early data from October points to trading volumes that are only marginally above September and weaker than July or August, he continued. That’s disappointing given the hype surrounding the XRP co-branded card that launched ahead of Gemini’s IPO. The new price target still implies a 45% discount to Coinbase’s (COIN) expected 2027 enterprise value-to-sales ratio. Bullish PT lifted Citing accelerating momentum following the Bullish’s (BLSH) New York BitLicense approval and expanding institutional access, Christiansen and team raised their price target on the company stock to $77 from $70. That implies nearly 40% upside from the current price of $55.62. The bank reaffirmed its buy/high risk rating, noting Bullish’s position at the forefront of the next wave of crypto adoption as regulatory clarity improves for traditional finance players. Bullish is the owner of CoinDesk. Read more: Crypto Exchange Gemini Launches Solana-Themed Credit Card With Auto-Staking Rewards