Citi Downgrades Crypto Exchange Gemini After Cutting Bitcoin, Ethereum Price Targets

In brief

• Citi downgraded Gemini from Neutral to Sell, saying it’ll be years before the exchange achieves profitability.
• GEMI stock was recently down more than 16% on the day, outpacing other major crypto stock losses.
• The bank also cut its Bitcoin and Ethereum price targets this week.