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.