B. Riley: Digital Asset Treasuries Show Signs of Stabilization as Capital Flows Recover
October 29, 2025
Corporate crypto treasuries are showing early signs of stabilization following recent market deleveraging, according to B. Riley Financial, which reported improving capital flows as optimism builds over progress in U.S.-China trade talks.
While overall activity among digital asset treasury companies (DATCOs) remains subdued, the broker said accumulation trends are holding steady. 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 amid market softness, DATCOs continued to add to their crypto holdings,” analysts Fedor Shabalin and Nick Giles wrote in Wednesday’s report.
BitMine Immersion outperformed peers, adding about $300 million in ether (ETH) and raising its concentration ratio to 10.6 ETH per 1,000 shares, versus a group average of 3.9x among ETH-focused firms.
Across the 25 companies B. Riley tracks, median market net asset value (NAV) improved to 1.1x from 1.0x, with the average holding steady at 1.0x—a sign of steady valuations despite light trading.
The report said companies trading below NAV may pursue share buybacks to close valuation gaps, highlighting ETHZilla (ETHZ) as a successful example of monetizing crypto holdings to repurchase stock. Sequans Communications, currently trading at a 0.7x NAV discount, could benefit from a similar approach. The company reports Q3 results on Nov. 4 before the U.S. market open.
In broader market developments, Solana (SOL) made headlines with the launch of its first spot exchange-traded funds (ETFs) in Hong Kong and the U.S., drawing $800 million in first-day inflows. B. Riley said the debut reinforces Solana’s standing as a tier-one digital asset alongside bitcoin (BTC) and ether (ETH).
B. Riley reiterated BitMine Immersion as its top DATCO pick, noting it remains the most well-positioned company in the group. SharpLink Gaming, the firm’s other favored name, had a quiet week with no major developments.
