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

B. Riley reported that corporate digital asset treasury activity remained muted amid recent crypto deleveraging, though capital flows began to normalize following progress in U.S.-China trade talks. Despite market weakness, the covered Digital Asset Treasury Companies (DATCOs) continued accumulating crypto, with BitMine Immersion leading by adding significant Ether. The median market net asset value (NAV) for the 25 tracked companies improved slightly to 1.1x. B. Riley suggests firms trading below NAV, like Sequans Communications (trading at 0.7x NAV), might initiate stock buybacks to narrow valuation gaps, citing ETHZilla's success with a similar strategy. Furthermore, the debut of Solana spot ETFs in Hong Kong and the U.S., drawing $800 million in first-day inflows, reinforced Solana's status as a tier-one asset alongside Bitcoin and Ether.

(Source：CoinDesk)