Investment bank B. Riley initiated coverage on two bitcoin treasury firms — Strategy (MSTR) and Strive (ASST) — with buy ratings in a report released Monday. It set a price target of $175 for Strategy and $12 for Strive. At publication time, Strategy traded at $141.82 and Strive at $8.67.
Bitcoin's 45% Plunge Tightens Premiums
B. Riley noted that bitcoin fell more than 45% from around $126,000 in October 2025 to roughly $69,000 in early March 2026. The correction compressed the market-to-NAV (mNAV) premiums for bitcoin treasury companies and slowed equity issuance that had fueled BTC accumulation. Broader risk-asset sentiment also weighed on crypto-linked equities and funds, including corporate bitcoin holders and crypto-focused vehicles.
Strategy: Largest BTC Treasury Plus Digital Credit Platform
Strategy remains the largest bitcoin treasury company, holding 738,731 BTC. Last week, it purchased 17,994 bitcoin for a total cost of $1.28 billion, or about $70,946 per coin, under Executive Chairman Michael Saylor. Analyst Fedor Shabalin highlighted that Strategy has built a "digital credit platform" combining common equity and five series of perpetual preferred shares yielding 8% to 11.5%, backed by roughly $2.25 billion in cash reserves. Shabalin noted that Strategy's shares trade around 1.2 times mNAV, well below the 2024 peak of about 3.4 times, presenting an attractive entry point.
Strive: Low Leverage and Asset Management Engine
Strive combines a bitcoin treasury of roughly 13,100 BTC with an asset-management business overseeing about $2.5 billion. The analyst pointed to its low leverage, a preferred share yield of about 12.5%, and a valuation discount — with the stock trading at around 0.9x modified NAV. The report added that preferred securities issued by these companies could attract yield-focused investors, as their payouts exceed many traditional income alternatives.