Wall Street firms maintain buy ratings on four crypto stocks

Three Wall Street firms—Benchmark, TD Cowen, and Mizuho—have maintained buy or equivalent ratings on four publicly traded crypto companies: Bitdeer, DeFi Technologies, Strive, and Gemini, The Block reported. The shared rationale is that while the market continues to value these companies based on simple trading business models, they have already pivoted to areas such as AI infrastructure and capital market utilities. Benchmark maintained its buy rating on Bitdeer with a $27 price target and kept its buy rating for DeFi Technologies while lowering the target from $3 to $2. TD Cowen raised its price target for Strive from $26 to $30. Mizuho maintained its "outperform" rating for Gemini, lowering the price target from $12 to $10. Mizuho analyst Dan Dolev said the market is underestimating the speed of this transition, noting that Gemini maintained its trading revenue despite a more than 50% decline in volume.