US investment bank spotlights BitMine… "Shares attractive relative to potential"

US investment bank (IB) B. Riley has identified BitMine—the world’s largest Ethereum (ETH) treasury company—as a key digital asset treasury (DAT) case to watch this year.

According to CoinDesk on the 8th (local time), B. Riley said in a report that day it maintained its existing “buy” rating on BitMine. Its price target for BitMine was also kept at $47. BitMine shares are currently in the $30 range.

B. Riley views BitMine’s current share price as undervalued. Specifically, B. Riley said that even as BitMine approaches a shareholder vote on a proposal to significantly increase its share count for potential mergers and acquisitions (M&A), the stock remains attractive when considering the earnings potential from staking.

B. Riley’s focus on BitMine comes as DAT companies have recently been diversifying their revenue-generation strategies through staking and other approaches. B. Riley said, “Clearer stablecoin regulation and a growing number of real-world asset tokenization cases by institutions are changing not only how digital assets are traded but also how they are used,” adding, “These changes are prompting DAT companies to shift away from simple token accumulation and toward operating models that can generate recurring revenue.”

It also commented on the outlook for this year. B. Riley said, “This year, as regulatory frameworks mature and blockchain is integrated into global financial infrastructure, the digital asset market will transition from speculation to practical financial infrastructure.”