B. Riley has set bold price targets for Strateji and Strive, two publicly traded companies anchored by substantial bitcoin holdings. Their valuations swing sharply with the cryptocurrency, and recent price drops have hit both stocks hard. The report highlights how deep bitcoin reserves amplify market moves.
Strateji: World's Largest Corporate Bitcoin Hoard
Strateji holds 738,731 BTC, the largest corporate bitcoin reserve globally. Last week alone, it added 17,994 BTC, pushing its bitcoin asset value to roughly $50 billion. Despite this, its stock has fallen 51.6% over the past year. On the positive side, Strateji raised $25.3 billion through share issuance in 2025, and its software subscription revenue jumped 62% in the latest quarter.
Strive: Dual Business Model Under Pressure
Strive manages about 13,132 BTC and oversees $2.5 billion in total assets. Listed in September 2025, it diversified by acquiring Semler Scientific's medical device unit via a share swap in January 2026. Yet its shares have dropped 42.3% year-to-date, with a 28.6% decline in the past month alone. B. Riley notes that Strive maintains a lean capital structure with low short-term debt exposure.
Bitcoin Moves Drive Company Valuations
Bitcoin fell 45% from its October 2025 peak to March 2026, compressing net asset multipliers for both firms. Every $1,000 change in bitcoin price shifts Strateji's reserve value by about $739 million and Strive's by $13.1 million. This tight correlation means their stocks essentially trade as leveraged proxies for bitcoin.
B. Riley: Dislocation, Not Structural Breakdown
Analysts at B. Riley argue the sector's sharp selloff is a temporary dislocation rather than a structural problem. Strateji now trades at roughly 1.2 times net asset value, a deep discount from the >3x multiple seen in 2024. Strive trades near 90% of adjusted NAV, reflecting early-stage volatility. As bitcoin stabilizes, the report suggests these multiples could normalize.