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.

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$91,856.04 treasury companies have gained about 20% on average, ether ETH$3,317.88 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$91,856.04, 13% ETH$3,317.88 and 4% SOL$136.54, 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