B. Riley Cuts Price Targets on Digital-Asset Treasury Firms Amid Crypto Weakness
B. Riley has lowered price targets across digital-asset treasury companies, or “Datcos,” citing sector-wide pressure and slower token accumulation that have weighed on valuations. The recent sell-off in these firms has outpaced declines in bitcoin BTC$86,501.56, ether ETH$2,843.73, and solana SOL$132.49.
Analysts Fedor Shabalin and Nick Giles note that bitcoin treasuries are down roughly 37%, ETH treasuries 39%, and SOL treasuries 59%, versus 16%, 22%, and 28% for the underlying tokens. They also cut mNAV and accumulation forecasts through 2026, while keeping buy ratings across the board.
Key updates include:
- BitMine (BMNR): Target cut to $47 from $90; buy rating maintained. Shares up 4.6% pre-market at $30.50.
- FG Nexus (FGNX): Target lowered to $5 from $8; shares up 3.5% to $2.69.
- Kindly MD (NAKA): Target halved to $1; shares up 2.5% at $0.55.
- Sequans (SQNS): Target trimmed to $11 from $13; shares rose 5% pre-market to $5.90.
- SharpLink Gaming (SBET): Buy rating and $19 target reaffirmed; shares climbed 3.6% to $10.22.
B. Riley highlighted that Datcos trading below mNAV remain undervalued. Analysts expect firms to continue pursuing ROE-boosting strategies, including buybacks, preferred offerings, and advanced ether restaking. Recovery depends on steadier crypto markets and execution of yield initiatives, with BitMine and SharpLink remaining the team’s highest-conviction ETH treasury picks.
