B. Riley: Crypto Treasury Activity Stabilizes as Capital Flows Rebound
October 29, 2025
Corporate digital asset treasuries are showing early signs of stabilization, with B. Riley Financial noting a rebound in capital flows as progress in U.S.-China trade negotiations improves investor sentiment.
Despite the lingering effects of recent crypto deleveraging, the broker said activity among digital asset treasury companies (DATCOs) has begun to normalize. Earlier this month, B. Riley initiated coverage on BitMine Immersion Technologies (BMNR), SharpLink Gaming (SBET), FG Nexus (FGNX), Kindly MD (NAKA), and Sequans Communications (SQNS)—assigning each a buy rating.
“Even with market softness, DATCOs continued accumulating crypto assets,” analysts Fedor Shabalin and Nick Giles wrote in Wednesday’s note.
BitMine Immersion led peers with an additional $300 million in ether (ETH) holdings, raising its concentration ratio to 10.6 ETH per 1,000 shares, well above the group average of 3.9x among ETH-focused companies.
Across B. Riley’s 25-company coverage universe, median market net asset value (NAV) improved to 1.1x from 1.0x, while the average remained stable at 1.0x, signaling steady valuations despite limited trading activity.
The broker expects several underperforming firms to launch share buyback programs to close valuation gaps, citing ETHZilla (ETHZ) as a successful example of monetizing crypto reserves to repurchase stock. Sequans Communications, which trades at the steepest discount in the group—0.7x NAV—could follow suit. The company will report third-quarter results on Nov. 4 before market open.
In broader market developments, Solana (SOL) recorded a major milestone with the launch of its first spot ETFs in Hong Kong and the U.S., drawing $800 million in first-day inflows. B. Riley said the debut reinforces Solana’s position as a tier-one digital asset alongside bitcoin (BTC) and ether (ETH).
Within its DATCO coverage, B. Riley continues to view BitMine Immersion as the best-positioned firm, while noting a quiet week for SharpLink Gaming, which saw no notable catalysts.
