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

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Ether Digital Asset Treasury Companies Outpace Peers as Crypto Tailwinds Build: B. Riley The bank said ETH-focused DATCOs have outperformed since Nov. 20 as risk appetite improved, mNAVs ticked up and staking-led strategies gained traction. By Will Canny , AI Boost | Edited by Jamie Crawley Dec 10, 2025, 2:52 p.m. Ether digital asset treasury companies outpace peers as crypto tailwinds build: B. Riley. (CoinDesk) What to know : Crypto markets are up ~10% since Nov. 20, with B. Riley citing ECB-driven dollar-diversification talk and expected rate cuts as boosts to risk sentiment. ETH treasury companies led DATCOs, rising ~28% on average versus ~20% for BTC treasuries and ~12% for SOL treasuries. B. Riley said BitMine and SharpLink offer the clearest staking/restaking exposure among its coverage, and pointed to FG Nexus, Sequans and Kindly MD as discounted value plays relative to mNAV. Crypto markets have climbed about 10% since Nov. 20, and ether-linked digital asset treasury companies (DATCOs) have been among the biggest beneficiaries, according to investment bank B. Riley. The bank tied the gains to improving risk appetite after European Central Bank (ECB) comments reignited talk of a gradual shift away from the U.S. dollar as the dominant reserve currency, alongside expectations for interest rate cuts. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . Across the 25 DATCOs the bank tracks, the group’s median mNAV rose to about 1.0x from 0.9x since the prior update, with the average also moving to roughly 1.0x from 0.9x. mNAV compares a company's enterprise value (EV), which is a firm's market cap plus debt minus any cash, to the market value of its crypto holdings. Performance has skewed toward leverage-like plays on crypto prices, analysts Fedor Shabalin and Nick Giles said in the Wednesday report. Since Nov. 20, the analysts estimated that bitcoin BTC $ 91,915.65 treasury companies have gained about 20% on average, ether ETH $ 3,321.90 treasuries rose about 28% and SOL treasuries advanced about 12%, versus a roughly 7% rise in the Russell 2000 stock index. Over the same stretch, the underlying tokens gained 7% BTC $ 91,915.65 , 13% ETH $ 3,321.90 and 4% SOL $ 137.21 , respectively. The bank's analyst reiterated their view that a DATCO rebound hinges on two catalysts: stabilization in the broader crypto market and companies executing return-on-equity accretive initiatives to generate yield. With both largely in place, the analysts highlighted BitMine Immersion Technologies (BMNR), which it rates buy with a $47 price target, after the stock gained 51% since Nov. 20, compared with an 28% rise for ETH-focused DATCOs and a 7% increase in the Russell 2000. Within its coverage, the bank said it remains most constructive on BMNR and SharpLink Gaming (SBET), buy-rated with a $19 price target, describing them as two of the largest ETH DATCOs pursuing staking and restaking strategies. B. Riley also pointed to FG Nexus (FGNX), Sequans Communications (SQNS) and Kindly MD (NAKA) as value opportunities trading at discounts to mNAV despite having operating businesses. Read more: B. Riley Cuts Digital Asset Treasury Company Price Targets as Crypto Slump Deepens Digital Asset Treasury Bitmine B. Riley Analysts AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month. 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