B. Riley cut its outlook for digital-asset treasury companies (Datcos) after a sell-off that outpaced the declines in bitcoin BTC$91,825.07, ether ETH$3,033.72 and solana SOL$142.00 themselves.

The companies' valuations have compressed meaningfully since October, dragged down by macro pressures that have slowed token accumulation, the report said. Bitcoin-focused treasury companies are down roughly 37%, ETH treasuries 39% and SOL treasuries 59%, compared with drops of 16%, 22% and 28% in the underlying tokens.

Analysts Fedor Shabalin and Nick Giles cut their mNAV and accumulation assumptions through 2026 and also lower share price targets across their coverage.

BitMine's (BMNR) price target was slashed to $47 from $90 on reduced mNAV assumptions, but kept at buy. The analysts noted that the company continues to accumulate ether aggressively. The stock was 4.6% higher in pre-market trading, around $30.50.

The analysts cut their FG Nexus (FGNX) target to $5 from $8 and lowered both mNAV and accumulation forecasts following slower-than-expected third-quarter ether buildup and the firm’s current 0.7x mNAV, which limits accretive at-the-money (ATM) usage. The stock was kept at buy. The shares climbed 3.5% to $2.69 in early trading.

Kindly MD’s (NAKA) target was halved to $1 with its buy rating maintained. The report cited the company's roughly 0.7x BTC NAV valuation as still compelling. The stock was recently 2.5% higher at $0.55.

Sequans’ (SQNS) price target was trimmed to $11 from $13, and kept at buy. The analysts viewed the discount-to-NAV setup as attractive. The shares jumped 5% in pre-market trading Thursday to $5.90.

The bank reiterated its buy rating and $19 price target for SharpLink Gaming (SBET), noting previously updated estimates and highlighting management’s push into more advanced ETH yield strategies. SBET stock was 3.6% higher, at $10.22.

Despite recent weakness in these stocks, the analysts said the market is still undervaluing datcos trading below mNAV and expects companies to lean harder into return on equity (ROE)-lifting tactics like buybacks, preferred deals and more advanced ether restaking.

A rebound, the bank noted, depends on steadier crypto markets and credible follow-through on yield strategies. BitMine and SharpLink remain B. Riley’s highest-conviction ETH treasury names, showing the most resilience in a battered sector.

Read more: B. Riley Flags Recovery Signs in Digital Asset Treasuries as BitMine Extends Ether Lead