B. Riley Cuts Digital Asset Treasury Company Price Targets as Crypto Slump Deepens

Why It Matters

The downgrade signals heightened valuation pressure on crypto‑linked treasury firms, tightening financing conditions for the sector, while B. Riley’s continued bullish stance on select names underscores where investors may find relative value amid a broader market downturn.

Summary

B. Riley Securities trimmed its net asset value (mNAV) assumptions and price targets for a slate of digital‑asset treasury companies (Datcos) as crypto asset prices continue to slump, with Bitcoin down about 16%, Ether 22% and Solana 28% while the treasury firms have fallen 37%‑59% since October. The cuts affect BitMine (target down to $47 from $90), FG Nexus ($5 from $8), Kindly MD ($1 from $2), and Sequans ($11 from $13), though the firm kept Buy ratings and highlighted arbitrage upside for firms trading below mNAV. B. Riley remains most constructive on BitMine and SharpLink, citing aggressive Ether accumulation and advanced yield strategies, and expects buybacks, preferred‑share deals and ether restaking to support multiples if crypto markets stabilize.