B. Riley: Crypto Treasury Activity Still Subdued, but Capital Flows Show Signs of Recovery

29/10/2025

Corporate crypto treasury activity remained relatively subdued over the past week as markets continued to digest the recent wave of deleveraging. However, B. Riley analysts said in a Wednesday report that capital flows are beginning to normalize, aided by improving sentiment around U.S.-China trade negotiations.

Earlier this month, the Wall Street broker initiated coverage on several digital asset treasury companies (DATCOs) — including BitMine Immersion Technologies (BMNR), SharpLink Gaming (SBET), FG Nexus (FGNX), Kindly MD (NAKA), and Sequans Communications (SQNS) — assigning buy ratings across the group.

“Despite market weakness, DATCOs continued accumulating crypto,” analysts Fedor Shabalin and Nick Giles wrote, noting steady on-chain accumulation despite reduced market activity.

BitMine Immersion Technologies led its peers, adding roughly $300 million in ether (ETH) and raising its concentration ratio to 10.6 ETH per 1,000 shares, well above the group average of 3.9x among ether-focused peers.

Across the 25 digital asset treasury companies tracked by B. Riley, the median market net asset value (NAV) improved slightly to 1.1x from 1.0x, while the average remained steady at 1.0x.

The firm expects companies trading below NAV to begin stock buyback programs to close valuation gaps, citing ETHZilla (ETHZ) as a successful example after monetizing crypto holdings to fund repurchases.

That strategy could prove particularly relevant for Sequans Communications, which trades at the largest discount in the group (0.7x NAV) and is scheduled to report third-quarter results on November 4 before market open.

In a broader development for institutional adoption, Solana (SOL) saw the launch of its first spot exchange-traded funds (ETFs) in both Hong Kong and the U.S., attracting $800 million in first-day inflows, according to the report. B. Riley said the debut reinforces Solana’s position as a tier-one asset alongside bitcoin (BTC) and ether (ETH).

Among its coverage, B. Riley continues to view BitMine Immersion as the best-positioned DATCO, while noting a quiet week for SharpLink Gaming, which saw no major catalysts during the period.