B. Riley Flags Recovery Signs in Digital Asset Treasuries as BitMine Extends Ether Lead
B. Riley notes easing selling pressure in digital asset treasuries, highlighting BitMine's significant increase in Ether holdings.Summary
Investment bank B. Riley observed signs of a potential rebound in digital asset treasury companies following weeks of weakness, attributing the shift to cooling macro risks and retreating short sellers. Despite compressed market net asset values (mNAVs), BitMine Immersion Technologies (BMNR) led accumulation by adding approximately $360 million in Ether (ETH), increasing its ratio to 11.2 ETH per 1,000 shares, significantly higher than the peer average of 4.0. Across the 25 tracked treasuries, median mNAV fell slightly, but the decelerating pace of declines suggests selling exhaustion. Analysts believe improving macro conditions, such as a potential government funding deal and increased stablecoin adoption, could catalyze a broader recovery, especially as short sellers cover positions in companies like MicroStrategy.
(Source：CoinDesk)