Citi thinks Galaxy Digital is well placed to benefit from the latest crypto rebound. The bank points to two tailwinds: recovering prices and a regulatory picture that has become a bit less foggy.
Citi turns bullish on the underlying assets
On September 30, 2026, Citi raised its 12-month Bitcoin price target to $113,000. Its previous target was $82,000.
Ether got the same treatment. Citi now sees ETH reaching $3,028, up from an earlier target of $2,240.
The revisions follow a strong run. Over the prior three months, Bitcoin gained approximately 40% and Ether appreciated about 68%.
That marks a sharp turn from July 2026, when Citi downgraded its outlook amid stagnant flows.
Fund flows were a big part of the reasoning. US spot crypto ETFs pulled in around $800 million in net inflows by late September, after posting outflows earlier in the year.
Citi also projects that inflows from advisors and brokerages could reach about $5 billion over the next 12 months. That forecast is the core of the Galaxy argument.
For context on prices, Bitcoin traded near $84,000 in early October 2026. Ether moved in a range of roughly $2,680 to $2,750.
Why Galaxy is in the frame
Galaxy Digital runs several businesses, including trading, asset management, and infrastructure. Citi expects the projected inflows to have a meaningful positive effect on those revenue lines.
The rating did not move, however. Citi lowered its price target on GLXY to $26 from $28 in August 2026 and kept a Neutral rating.
The bank made no specific upgrade to Galaxy’s rating in its October 2026 crypto note. Not everyone is as cautious. The broader analyst consensus on GLXY sits in Moderate Buy territory, which puts Citi on the more reserved side of the street.
The regulatory backdrop got slightly less gloomy
The Senate failed to advance the Clarity Act, which weighed on sentiment. Citi said the regulatory environment has still improved slightly. Announcements from the SEC and CFTC helped offset some of the disappointment over the stalled bill.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.