B. Riley Lowers Price Targets for Digital Asset Treasury Firms Amid Ongoing Crypto Sell-Off

Freepik B Riley Cuts Digital Asset Treasury Company Price 40492

B. Riley Cuts Price Targets on Digital Asset Treasury Firms Amid Sector-Wide Pressure

B. Riley downgraded its outlook for digital-asset treasury companies, or “Datcos,” following a sell-off that outpaced declines in bitcoin BTC$86,501.56, ether ETH$2,843.73, and solana SOL$132.49.

According to analysts Fedor Shabalin and Nick Giles, valuations across the sector have compressed sharply since October, driven by macro pressures that have slowed token accumulation. Bitcoin-focused treasury firms are down roughly 37%, ETH treasuries 39%, and SOL treasuries 59%, compared with 16%, 22%, and 28% declines in the underlying tokens themselves.

B. Riley cut mNAV and accumulation assumptions through 2026, lowering share price targets across its coverage while maintaining buy ratings on all names.

BitMine (BMNR): Price target reduced to $47 from $90 on revised mNAV assumptions, with the buy rating intact. Analysts noted the company continues to accumulate ether aggressively. Shares rose 4.6% pre-market to around $30.50.
FG Nexus (FGNX): Target cut to $5 from $8 due to slower-than-expected Q3 ether accumulation and a current 0.7x mNAV that limits accretive ATM usage. Buy rating maintained; shares climbed 3.5% to $2.69 in early trading.
Kindly MD (NAKA): Target halved to $1, but buy rating maintained. The company’s roughly 0.7x BTC NAV still makes it compelling. Shares were up 2.5% at $0.55.
Sequans (SQNS): Target trimmed to $11 from $13, buy rating maintained. Analysts highlighted the discount-to-NAV setup as attractive. Shares jumped 5% pre-market to $5.90.
SharpLink Gaming (SBET): Buy rating and $19 target reiterated, with analysts citing management’s push into advanced ETH yield strategies. Shares rose 3.6% to $10.22.

Despite the recent weakness, B. Riley said Datcos trading below mNAV remain undervalued. Analysts expect these companies to continue implementing ROE-enhancing strategies, including buybacks, preferred share deals, and advanced ether restaking programs.

A recovery in the sector, the bank noted, will depend on steadier crypto markets and consistent execution of yield strategies. BitMine and SharpLink remain the analysts’ highest-conviction ETH treasury picks, showing resilience amid sector-wide pressure.