Crypto Markets See Rebound in Capital Flows Despite Weak Treasury Activity: B. Riley

B. Riley Says Crypto Treasuries Stabilizing as Capital Flows Recover

October 29, 2025

Corporate digital asset treasuries showed early signs of stabilization this week, with B. Riley Financial reporting a gradual rebound in capital flows as optimism from U.S.-China trade progress lifted broader risk sentiment.

While overall activity across digital asset treasury companies (DATCOs) remains subdued following the recent market deleveraging, B. Riley said accumulation continued. The broker recently initiated coverage on BitMine Immersion Technologies (BMNR), SharpLink Gaming (SBET), FG Nexus (FGNX), Kindly MD (NAKA), and Sequans Communications (SQNS) — each rated buy.

“Despite market weakness, DATCOs maintained steady crypto accumulation,” analysts Fedor Shabalin and Nick Giles wrote.

BitMine Immersion led the group, adding about $300 million in ether (ETH) and raising its concentration ratio to 10.6 ETH per 1,000 shares, well above the peer average of 3.9x.

Across the 25 companies tracked by the firm, median market net asset value (NAV) improved to 1.1x from 1.0x, while the average held steady at 1.0x. B. Riley expects companies trading below NAV to consider share repurchases, citing ETHZilla (ETHZ) as a successful case. The report noted Sequans Communications, trading at 0.7x NAV, may adopt similar strategies as it heads into Q3 earnings on Nov. 4.

Meanwhile, Solana (SOL) recorded a key milestone with the launch of its first spot ETFs in Hong Kong and the U.S., which drew $800 million in first-day inflows. B. Riley said the development underscores Solana’s emergence as a tier-one digital asset alongside bitcoin (BTC) and ether (ETH).

The firm reiterated BitMine Immersion as its top pick among DATCOs, while noting a quiet week for SharpLink Gaming, with no new catalysts.