B. Riley Cuts Price Targets for Digital-Asset Treasury Companies Amid Crypto Weakness
B. Riley has lowered price targets for digital-asset treasury firms (“Datcos”) following a sector-wide sell-off that outpaced declines in bitcoin BTC$86,501.56, ether ETH$2,843.73, and solana SOL$132.49. Analysts cited weaker token accumulation and macro pressures that have compressed valuations.
Bitcoin-focused treasury firms have fallen roughly 37%, ETH treasuries 39%, and SOL treasuries 59%, compared with 16%, 22%, and 28% declines in the underlying tokens. B. Riley also revised mNAV and accumulation forecasts through 2026 but kept buy ratings across all covered names.
Notable updates:
- BitMine (BMNR): Target reduced to $47 from $90; shares up 4.6% pre-market at $30.50.
- FG Nexus (FGNX): Target lowered to $5 from $8; shares rose 3.5% to $2.69.
- Kindly MD (NAKA): Target halved to $1; shares up 2.5% at $0.55.
- Sequans (SQNS): Target cut to $11 from $13; shares gained 5% pre-market to $5.90.
- SharpLink Gaming (SBET): Buy rating and $19 target maintained; shares climbed 3.6% to $10.22.
B. Riley noted that Datcos trading below mNAV remain undervalued and expects companies to pursue ROE-enhancing measures such as buybacks, preferred offerings, and advanced ether restaking. Recovery hinges on steadier crypto markets and effective yield strategies, with BitMine and SharpLink viewed as the most resilient ETH treasury names.
