Ether-focused digital asset treasury companies (DATCOs) have outperformed peers since Nov. 20, benefiting from rising mNAVs, stronger risk appetite, and staking-driven strategies, according to B. Riley.
Crypto markets have climbed roughly 10% over the same period, with ether-linked DATCOs among the top performers. The bank attributes the gains to renewed investor confidence after European Central Bank (ECB) comments hinted at a gradual shift away from the U.S. dollar, along with expectations of interest rate cuts.
Among 25 tracked DATCOs, median mNAV rose to about 1.0x from 0.9x. Performance has favored leverage-like exposure to crypto prices: bitcoin treasuries gained ~20%, ether treasuries ~28%, and SOL treasuries ~12%, versus a 7% rise in the Russell 2000. Underlying tokens rose roughly 7% each.
B. Riley highlighted BitMine Immersion Technologies (BMNR), buy-rated with a $47 target after a 51% gain, and SharpLink Gaming (SBET), buy-rated at $19. Other value opportunities include FG Nexus (FGNX), Sequans Communications (SQNS), and Kindly MD (NAKA), trading below mNAV despite active operations.
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