Ether Digital Asset Treasury Companies Outpace Peers as Crypto Tailwinds Build: B. Riley

Group 1 - Crypto markets have increased approximately 10% since November 20, with ether-linked digital asset treasury companies (DATCOs) being significant beneficiaries due to improved risk appetite and expectations for interest rate cuts [1][2] - The median mNAV of the 25 DATCOs tracked by B. Riley rose to about 1.0x from 0.9x, indicating a positive shift in the market value of crypto holdings relative to enterprise value [2] - Bitcoin treasury companies gained about 20% on average, ether treasuries rose about 28%, and SOL treasuries advanced about 12%, outperforming the Russell 2000 stock index, which rose roughly 7% [3] Group 2 - The rebound of DATCOs is dependent on stabilization in the broader crypto market and companies executing return-on-equity accretive initiatives [4] - BitMine Immersion Technologies (BMNR) is highlighted as a strong performer with a 51% gain since November 20, and is rated buy with a $47 price target [4] - B. Riley remains constructive on BMNR and SharpLink Gaming (SBET), both rated buy, with price targets of $19, and identifies FG Nexus (FGNX), Sequans Communications (SQNS), and Kindly MD (NAKA) as value opportunities trading at discounts to mNAV [5]