B. Riley Cuts Digital Asset Treasury Company Price Targets as Crypto Slump Deepens
B. Riley lowered price targets for digital asset treasury companies (Datcos) due to sector-wide pressure and slower token accumulation.Summary
Investment bank B. Riley has reduced price targets for digital-asset treasury companies (Datcos) following a significant sell-off in the sector that outpaced declines in underlying crypto assets like Bitcoin, Ether, and Solana. Analysts noted that company valuations have compressed since October, driven by macro pressures slowing token accumulation, resulting in Datcos falling much harder than their held assets. Analysts cut mNAV and accumulation assumptions through 2026, leading to target reductions for BitMine (to $47 from $90), FG Nexus (to $5 from $8), and Kindly MD (to $1 from $2). Despite these cuts, buy ratings were maintained for most, citing attractive valuations like Kindly MD's 0.7x BTC NAV. B. Riley believes the market still undervalues Datcos trading below mNAV and expects companies to adopt tactics like buybacks and advanced ether restaking to boost returns. A market rebound hinges on steadier crypto conditions and credible execution of yield strategies, with BitMine and SharpLink remaining the highest-conviction ETH treasury names.
(Source：CoinDesk)