B. Riley Lowers Price Targets for Digital-Asset Treasury Firms Amid Sector Weakness
B. Riley has cut price targets across digital-asset treasury companies (“Datcos”), citing sector-wide pressure and slower token accumulation that have depressed valuations. The sell-off in these firms has outpaced declines in bitcoin BTC$86,501.56, ether ETH$2,843.73, and solana SOL$132.49.
Analysts Fedor Shabalin and Nick Giles noted bitcoin treasuries are down about 37%, ETH treasuries 39%, and SOL treasuries 59%, versus token drops of 16%, 22%, and 28%. The team also revised mNAV and accumulation forecasts through 2026 but maintained buy ratings across all covered names.
Highlights:
- BitMine (BMNR): Target cut to $47 from $90; shares up 4.6% pre-market to $30.50.
- FG Nexus (FGNX): Target lowered to $5 from $8; shares climbed 3.5% to $2.69.
- Kindly MD (NAKA): Target halved to $1; shares rose 2.5% to $0.55.
- Sequans (SQNS): Target trimmed to $11 from $13; shares gained 5% pre-market to $5.90.
- SharpLink Gaming (SBET): Buy rating and $19 target reaffirmed; shares up 3.6% to $10.22.
Despite weakness, B. Riley said Datcos trading below mNAV remain undervalued. Analysts expect continued ROE-enhancing initiatives, including buybacks, preferred share offerings, and advanced ether restaking programs. Recovery will depend on steadier crypto markets and effective yield strategies, with BitMine and SharpLink remaining top ETH treasury picks for resilience.
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