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Crypto Treasury Activity Still Tepid, but Capital Flows Rebound: B. Riley
The broker sees digital asset treasuries stabilizing as U.S.-China trade progress lifts sentiment.
Updated Oct 29, 2025, 3:51 p.m. Published Oct 29, 2025, 2:49 p.m.
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What to know:
- B. Riley said corporate crypto activity remains subdued, though capital flows are beginning to rebound amid progress in U.S.-China trade talks.
- BitMine Immersion led in digital asset treasury companies, adding around $300 million in ether and boosting its crypto exposure.
- The broker noted that solana spot ETF launches in Hong Kong and the U.S. drew $800 million in first-day inflows, reinforcing SOL's institutional appeal.
Corporate digital asset activity remained muted week over week amid the fallout from recent crypto deleveraging, with Wall Street broker B. Riley noting capital flows began to normalize as U.S.-China trade talks made progress.
Earlier this month, the broker initiated coverage of digital asset treasury companies (DATCOs) BitMine Immersion Technologies (BMNR), SharpLink Gaming (SBET), FG Nexus (FGNX), Kindly MD (NAKA) and Sequans Communications (SQNS), assigning each a buy rating.
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"Despite market weakness, DATCOs continued accumulating crypto," analysts Fedor Shabalin and Nick Giles wrote in the Wednesday report.
BitMine Immersion led peers, adding roughly $300 million in ether and lifting its concentration ratio to 10.6 ETH per 1,000 shares, compared with the group average of 3.9x among ETH-focused companies, the analysts wrote.
Across the 25 companies that the broker tracks, median market net asset value (NAV) improved to 1.1x from 1.0x, while the average held steady at 1.0x.
B. Riley expects firms trading below NAV to start stock buybacks to narrow valuation gaps, citing ETHZilla’s (ETHZ) success monetizing crypto holdings to repurchase shares.
The broker said this strategy is particularly relevant for Sequans Communications, which trades at the steepest discount in the group at 0.7x NAV and reports third-quarter results Nov. 4 before market open.
In a notable development for institutional crypto adoption, solana saw the debut of its first spot exchange-traded funds (ETFs) in Hong Kong and the U.S., drawing $800 million in first-day inflows, the report noted.
B. Riley said the introduction reinforce solana's status as a tier-one asset alongside bitcoin and ether.
The firm's analysts continue to view BitMine Immersion as the best-positioned name within its DATCO coverage, while noting a quiet week for its other top pick, SharpLink Gaming, with no major catalysts.
Read more: Crypto Treasury Firms Keep Buying Bitcoin. Outperforming ETFs Is the Hard Part
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