Capital Flows Rebound Even as Crypto Treasury Activity Stays Muted, Says B. Riley

B. Riley: Crypto Treasuries Stabilize as Capital Flows Recover Amid Improved Trade Sentiment

October 29, 2025

Corporate digital asset activity remained subdued over the past week, but capital flows showed early signs of recovery as progress in U.S.-China trade talks lifted broader market sentiment, according to a Wednesday report by B. Riley Financial.

The broker said that digital asset treasury companies (DATCOs) are beginning to stabilize following recent crypto deleveraging. Earlier this month, B. Riley initiated coverage on several firms — including BitMine Immersion Technologies (BMNR), SharpLink Gaming (SBET), FG Nexus (FGNX), Kindly MD (NAKA), and Sequans Communications (SQNS) — assigning each a buy rating.

“Despite overall market weakness, DATCOs continued to accumulate crypto holdings,” analysts Fedor Shabalin and Nick Giles wrote.

BitMine Immersion led the group, adding roughly $300 million in ether (ETH) and lifting its concentration ratio to 10.6 ETH per 1,000 shares, compared with a peer average of 3.9x among ETH-heavy firms.

Across the 25 companies tracked by B. Riley, median market net asset value (NAV) edged up to 1.1x from 1.0x, while the average stayed at 1.0x, reflecting modest valuation improvement despite muted activity.

The broker said that firms trading below NAV may launch share buybacks to close valuation gaps, highlighting ETHZilla’s (ETHZ) successful repurchase program as a model. This approach could be particularly relevant for Sequans Communications, which trades at 0.7x NAV, the steepest discount in the group. Sequans is set to report Q3 earnings on Nov. 4 before the market opens.

In a significant development for institutional crypto adoption, Solana (SOL) saw the launch of its first spot exchange-traded funds (ETFs) in both Hong Kong and the U.S., attracting $800 million in first-day inflows, the report added. B. Riley said the debut further cements Solana’s status as a tier-one digital asset alongside bitcoin (BTC) and ether (ETH).

B. Riley maintained BitMine Immersion as its top pick among DATCOs, while noting a quiet week for SharpLink Gaming, which had no major updates.