Citi Reveals Top Crypto Stock Picks Ahead of Q3 Earnings

On this episode of CoinDesk’s Public Keys from the New York Stock Exchange, host Jennifer Sanasie is joined by Peter Christiansen, Director of Digital Assets Equity Research at Citi, who explains why the bank is turning more bullish on crypto equities ahead of Q3 earnings — breaking down its upgrades of Galaxy and Gemini, its downgrade of Securitize, the MSCI index-exclusion threat facing Strategy, and why Circle is his top pick with a $243 target. Plus, Bart Smith, CEO of Avalanche Treasury Co. (AVAT), makes the case that Wall Street’s tokenization push will land on Avalanche, and explains why a regulated permanent-capital vehicle offers investors different exposure than spot AVAX or an ETF — and why he sees bitcoin maturing into digital gold. - Learn more at bullish.com. - Register for Consensus Hong Kong 2027 (February 1-3) and Consensus Miami 2027 (May 4-6) at https://events.coindesk.com/. - Learn more about CoinDesk Data & Indices at https://indices.coindesk.com/institutions. - Chapters/Timecodes: 00:00 Welcome to Public Keys 00:21 Citi Turns Bullish on Crypto Equities 00:45 Citi's Pete Christiansen on the Infrastructure Trade 02:23 Why Citi Downgraded Securitize 03:47 What to Watch: NYSE, Nasdaq and DTCC Tokenized Trading 05:00 Collateral Mobility, Tokenization's Real Use Case 05:57 Strategy and the MSCI Index-Exclusion Threat 07:50 Citi's Bull, Bear and Base Case for MSTR 08:59 Bitcoin and Ether ETF Outflows Meet the Macro Backdrop 10:27 Why Circle Is Citi's Top Pick, $243 Target 13:36 Avalanche Treasury's Bart Smith Joins 13:43 The Bull, Bear and Base Case for Avalanche 15:18 How Avalanche Differentiates: Custom L1s 16:16 Why AVAT Over Spot AVAX or an ETF 19:32 The Tokenization-ETF Parallel 20:54 Tokenization Is Crypto Minus the Baggage 22:16 Why Bitcoin Is Now Digital Gold