Crypto Treasury Activity Still Tepid, but Capital Flows Rebound: B. Riley

Why It Matters

The rebound in capital flows and sizable ETF inflows signal renewed institutional confidence in crypto assets, while potential buybacks could narrow valuation gaps for crypto‑linked stocks, boosting their appeal to mainstream investors.

Summary

B. Riley reports that corporate crypto treasury activity remains subdued, but capital flows are beginning to rebound as U.S.-China trade talks improve sentiment. BitMine Immersion led the covered digital‑asset treasury companies by adding roughly $300 million of ether, raising its ETH concentration to 10.6 per 1,000 shares. Across the 25 firms tracked, median NAV rose to 1.1× and the broker expects firms trading below NAV, such as Sequans Communications at 0.7×, to initiate share buybacks. Meanwhile, the launch of Solana spot ETFs in Hong Kong and the U.S. drew $800 million of first‑day inflows, reinforcing SOL’s status as a tier‑one digital asset.