B. Riley cuts its outlook for digital-asset treasury companies (DATCO) after a selloff overshadows Bitcoin declines ether and Solana themselves.
The companies’ valuations have compressed significantly since October, dragged down by macro pressure that has slowed token accumulation, the report said. Bitcoin-focused Treasury companies are up around 37%, ETH treasures 39% and SOL Treasury 59%, compared to drops of 16%, 22% and 28% in the underlying tokens.
Analysts Fedor Shabalin and Nick Giles cut their MNAV and accumulation assumptions through 2026 and also lower share price targets in their range.
Bitmine (BMNR) price target slipped to $47 from $90 on reduced MNAV assumptions, but kept buy. Analysts noted that the company continues to accumulate ether aggressively. The stock was 4.6% higher in pre-market trading, around $30.50.
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 current 0.7X MNAV, which limits accretive at-the-money (ATM) usage. Stock is kept on purchase. Shares climbed 3.5% to $2.69 in early trading.
Kind Target MD (NAKA) split at $1 maintaining its buy rating. The report noted a roughly 0.7X BTC naval NAV still under pressure. The stock was recently 2.5% higher at $0.55.
Sequans’ (SQNS) price target was trimmed to $11 from $13, and kept at buy. Analysts view the discount-on-nav setup as attractive. Shares jumped 5% in pre-market trading Thursday to $5.90.
The bank announced its buy rating and $19 price target for Sharplink Gaming (SBET), noting updated estimates and highlighting management’s push into more advanced ETH yield strategies. SBET stock was 3.6% higher, at $10.22.
Despite the recent weakness in these stocks, analysts say the market is undervaluing datcos trading below MNAV and expect companies to eagerly return to equity (ROE)-lifting tactics such as buybacks, preferred deals and more advanced ether restoration.
A rebound, the bank noted, depends on steadier crypto markets and is likely to follow yield strategies. Bitmine and Sharplink remain B. The most convincing of the Treasury’s names, showing the most resilience in a battered sector.
Read more: B. Riley Flags Recovery Signs in Digital Asset Treasury as Bitmine Extends Ether Lead
