Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Markets
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
B. Riley Cuts Digital Asset Treasu
Markets
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
B. Riley Cuts Digital Asset Treasu
B. Riley Cuts Digital Asset Treasury Company Price Targets as Crypto Slump Deepens
B. Riley Cuts Digital Asset Treasury Company Price Targets as Crypto Slump Deepens
The investment bank slashed price targets across so-called Datcos, citing sector-wide pressure and weaker accumulation trends.
By Will Canny, AI Boost|Edited by Sheldon Reback
Nov 20, 2025, 1:29 p.m.
B. Riley cuts digital asset treasury company price targets as crypto slump deepens. (Pixabay, modified by CoinDesk)
What to know:
- B. Riley lowered mNAV, accumulation assumptions and price targets across treasury firms as valuations compress faster than underlying tokens.
- The bank still sees arbitrage opportunities in companies trading below mNAV and expects buybacks, preferred deals and advanced ether restaking to support multiples.
- It remains most constructive on BitMine and SharpLink, while flagging value setups in FG Nexus, Sequans and Kindly MD.
B. Riley cut its outlook for digital-asset treasury companies (Datcos) after a sell-off that outpaced the declines in bitcoin BTC$91,825.07, ether ETH$3,033.72 and solana SOL$142.00 themselves.
The companies' valuations have compressed meaningfully since October, dragged down by macro pressures that have slowed token accumulation, the report said. Bitcoin-focused treasury companies are down roughly 37%, ETH treasuries 39% and SOL treasuries 59%, compared with drops of 16%, 22% and 28% in the underlying tokens.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Sign me up
Analysts Fedor Shabalin and Nick Giles cut their mNAV and accumulation assumptions through 2026 and also lower share price targets across their coverage.
BitMine's (BMNR) price target was slashed to $47 from $90 on reduced mNAV assumptions, but kept at buy. The analysts noted that the company continues to accumulate ether aggressively. The stock was 4.6% higher in pre-market trading, around $30.50.
The analysts cut their FG Nexus (FGNX) target to $5 from $8 and lowered both mNAV and accumulation forecasts following slower-than-expected third-quarter ether buildup and the firm’s current 0.7x mNAV, which limits accretive at-the-money (ATM) usage. The stock was kept at buy. The shares climbed 3.5% to $2.69 in early trading.
Kindly MD’s (NAKA) target was halved to $1 with its buy rating maintained. The report cited the company's roughly 0.7x BTC NAV valuation as still compelling. The stock was recently 2.5% higher at $0.55.
Sequans’ (SQNS) price target was trimmed to $11 from $13, and kept at buy. The analysts viewed the discount-to-NAV setup as attractive. The shares jumped 5% in pre-market trading Thursday to $5.90.
The bank reiterated its buy rating and $19 price target for SharpLink Gaming (SBET), noting previously updated estimates and highlighting management’s push into more advanced ETH yield strategies. SBET stock was 3.6% higher, at $10.22.
Despite recent weakness in these stocks, the analysts said the market is still undervaluing datcos trading below mNAV and expects companies to lean harder into return on equity (ROE)-lifting tactics like buybacks, preferred deals and more advanced ether restaking.
A rebound, the bank noted, depends on steadier crypto markets and credible follow-through on yield strategies. BitMine and SharpLink remain B. Riley’s highest-conviction ETH treasury names, showing the most resilience in a battered sector.
Read more: B. Riley Flags Recovery Signs in Digital Asset Treasuries as BitMine Extends Ether Lead
Digital Asset TreasuryBitmineB. RileyAnalysts
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
Protocol Research: GoPlus Security
Commissioned byGoPlus
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
View Full Report
More For You
U.S. Added Stronger Than Forecast 119K Jobs in September, but Unemployment Rate Rose to 4.4%
The September jobs report typically would have been published in the first week of October, but was delayed till now due to the government shutdown.
What to know:
- The U.S. added a far stronger than expected 119,000 jobs in September, but the unemployment rate rose to 4.4%.
- The data was delayed by about 6 weeks due to the government shutdown.
- Bitcoin continued with a modest overnight gain at $91,900.
Read full story
Latest Crypto News
U.S. Added Stronger Than Forecast 119K Jobs in September, but Unemployment Rate Rose to 4.4%
Metaplanet Unveils New Bitcoin Backed Capital Structure with $150M Perpetual Preferred Offering
JPMorgan Warns MSCI Decision Could Force Strategy Out of Top Equity Indices
Seller Fatigue?: Crypto Daybook Americas
AI and HPC Bitcoin Miners Surge Pre Market Following Stellar NVIDIA Earnings
Crypto Markets Today: Bitcoin Holds Steady Amid Wave of Sell Pressure as Altcoins Slide
Top Stories
U.S. Added Stronger Than Forecast 119K Jobs in September, but Unemployment Rate Rose to 4.4%
Crypto Markets Today: Bitcoin Holds Steady Amid Wave of Sell Pressure as Altcoins Slide
India's Debt-Backed ARC Token Eyes Tentative Q1 2026 Debut, Sources Say
BlackRock Takes First Step Toward a Staked Ether ETF
Ark Invest Buys the Slide, Adds Almost $40M of Crypto Stocks, as Market Drops
Abu Dhabi Investment Tripled IBIT Holdings in Q3 as Bitcoin Headed to Record High
Market Opportunity
B Price(B)
$0.19054
$0.19054$0.19054
USD
B (B) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact [email protected] for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
You May Also Like
Ethereum Options Expiry Shows Risks Below $2,900
The post Ethereum Options Expiry Shows Risks Below $2,900 appeared on BitcoinEthereumNews.com. Ether (ETH) has been unable to sustain prices above $3,400 for the
Share
BitcoinEthereumNews2025/12/25 10:24
Fed forecasts only one rate cut in 2026, a more conservative outlook than expected
The post Fed forecasts only one rate cut in 2026, a more conservative outlook than expected appeared on BitcoinEthereumNews.com. Federal Reserve Chairman Jerome Powell talks to reporters following the regular Federal Open Market Committee meetings at the Fed on July 30, 2025 in Washington, DC. Chip Somodevilla | Getty Images The Federal Reserve is projecting only one rate cut in 2026, fewer than expected, according to its median projection. The central bank’s so-called dot plot, which shows 19 individual members’ expectations anonymously, indicated a median estimate of 3.4% for the federal funds rate at the end of 2026. That compares to a median estimate of 3.6% for the end of this year following two expected cuts on top of Wednesday’s reduction. A single quarter-point reduction next year is significantly more conservative than current market pricing. Traders are currently pricing in at two to three more rate cuts next year, according to the CME Group’s FedWatch tool, updated shortly after the decision. The gauge uses prices on 30-day fed funds futures contracts to determine market-implied odds for rate moves. Here are the Fed’s latest targets from 19 FOMC members, both voters and nonvoters: Zoom In IconArrows pointing outwards The forecasts, however, showed a large difference of opinion with two voting members seeing as many as four cuts. Three officials penciled in three rate reductions next year. “Next year’s dot plot is a mosaic of different perspectives and is an accurate reflection of a confusing economic outlook, muddied by labor supply shifts, data measurement concerns, and government policy upheaval and uncertainty,” said Seema Shah, chief global strategist at Principal Asset Management. The central bank has two policy meetings left for the year, one in October and one in December. Economic projections from the Fed saw slightly faster economic growth in 2026 than was projected in June, while the outlook for inflation was updated modestly higher for next year. There’s a lot of uncertainty…
Share
BitcoinEthereumNews2025/09/18 02:59
Arizona Senator Proposes Exempting Bitcoin and Crypto from Taxes
Understanding the specific tax exemption proposal's scope, mechanics, and limitations provides foundation for evaluating feasibility and implications.
The exemption presumably covers capital gains taxes on cryptocurrency appreciation at state level, though personal income tax and corporate tax treatment requires clarification.
Scope questions include whether exemption applies to trading profits, mining income, staking rewards, DeFi yields, NFT sales, and business cryptocurrency revenue.
Share
MEXC NEWS2025/12/25 11:47