"Regulation period for cryptocurrencies is starting in 2026."

B. Riley emphasized that 2026 could be a turning point for digital assets. According to a report published by the investment bank on Thursday, digital assets are expected to move away from being largely speculative instruments and regulations will mature.

The report pointed out that the cryptocurrency market is undergoing a structural transformation process. Clarification in regulations, the delineation of stablecoin rules, and the active use of blockchain-based solutions by traditional financial institutions will fundamentally change the utility of digital assets. It was noted that the tokenization of real-world assets is gaining momentum at an institutional scale, governance models are strengthening, and the integration between bank ledgers and public blockchains is developing.

B. Riley analysts stated that these developments are transforming digital assets from mere traded instruments into an operational financial infrastructure. In particular, companies with digital asset treasury models are shifting towards operational uses that generate recurring revenues. It was emphasized that the mNAV ratio, which indicates the ratio of the company value of the 25 digital asset treasury shares tracked by the bank to their crypto assets, continues to hover around 0.8.

The report also mentioned that the index provider MSCI's decision to suspend plans to remove these companies from the indices is a positive signal for the sector. Additionally, it was reported that Strategy shares have recently faced selling pressure due to uncertainty.

B. Riley cited BitMine Immersion Technologies as a concrete example of operational transformation. The company is expanding its staking activities while maintaining its Ethereum holdings and is planning to launch new infrastructure at the beginning of 2026. Analysts expressed their positive views on BitMine shares due to the income potential focused on staking.