Digital Asset Treasury Selling Near Exhaustion as BitMine Deepens Ether Bet: B. Riley

B. Riley has observed potential stabilization in digital asset treasury companies despite recent losses. The bank noted that macro conditions are improving and selling pressure may be easing as short sellers pull back. Meanwhile, BitMine has increased its holdings to 11.2 ether per 1,000 shares, significantly higher than the average of its peers. The report indicated that the median market net asset value (mNAV) for 25 digital asset treasuries tracked has decreased to 0.9 from 1.0, suggesting that current valuations are attractive due to discounts to crypto holdings. Despite underperforming compared to underlying tokens like bitcoin and ether, analysts see signs of recovery as improving macro conditions and a possible resolution to the U.S. government shutdown could enhance market sentiment.

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