. Riley analyst Fedor Shabalin last night initiated coverage of five digital asset treasury companies with Buy ratings and named SharpLink Gaming (SBET) its top pick. B. Riley started SharpLink with a Buy rating and $32 price target, Bitmine Immersion (BMNR) with a Buy rating and $90 price target, FG Nexus (FGNX) with a Buy and $8 price target, KindlyMD (NAKA) with a Buy and $2 price target, and Sequans (SQNS) with a Buy and $13 price target. The digital asset treasury companies hold cryptocurrencies as their primary assets, operating like closed-end funds, the analyst tells investors in a research note. Riley says the group exploits market opportunities through capital allocation. It believes “bullish crypto investors” should consider the group as the companies offer leveraged exposure to crypto returns. Riley notes that SharpLink combines an online gaming marketing business with an Ethereum treasury strategy.
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