B. Riley Starts Coverage of Bitcoin Treasury Firms Strategy and Strive With Buy Ratings

Key Point

Investment bank B. Riley initiated coverage of bitcoin treasury firms Strategy (ticker: MSTR) and Strive (ticker: ASST) with buy ratings and price targets of $175 and $12.

The report said bitcoin has declined more than 45%, from about $126,000 in October 2025 to roughly $69,000 in early March 2026, which has compressed market-to-NAV premiums and slowed equity issuance for bitcoin treasury companies.

Strategy remains the largest bitcoin treasury company with 738,731 BTC, and the analyst said its shares trade at around 1.2 times modified NAV, well below a roughly 3.4x peak that is viewed as an attractive entry point.

Strive combines a bitcoin treasury of about 13,100 BTC with an asset-management business overseeing approximately $2.5 billion, and the report highlighted its low leverage, an estimated 12.5% preferred-share yield, and a valuation discount with the stock around 0.9x modified NAV, while preferred securities at both firms are described as appealing to yield-focused investors.

Market Sentiment

Cautiously Bullish, Event-driven.

Reason: The analyst presents Strategy and Strive as discounted bitcoin treasury plays with relatively high-yielding preferred securities after a steep bitcoin-driven selloff in crypto-linked equities.

Similar Past Cases

Analyst initiations with buy ratings on listed bitcoin treasury companies during drawdowns in the bitcoin price have typically brought short-term trading interest but have not changed the longer-term dependence of these stocks on bitcoin's direction.

In past periods of deep bitcoin corrections, discounts or premiums to NAV at this type of vehicle have tended to narrow only after bitcoin prices stabilized or reversed, rather than purely because of analyst calls.

The main difference in the current situation is the very large embedded bitcoin positions relative to the companies' broader businesses, which can make equity performance even more sensitive to future bitcoin volatility.

Ripple Effect

This type of positive analyst coverage for major bitcoin treasury companies could influence sentiment toward other corporate bitcoin holders and crypto-focused funds if investors view discounts to modified NAV as attractive entry points.

If discounts at Strategy and Strive begin to narrow alongside a stabilization in bitcoin, that would signal that equity investors are becoming more comfortable taking bitcoin exposure through listed vehicles again.

Opportunities & Risks

Opportunities: Investors can monitor whether discounts to modified NAV at Strategy and Strive narrow as bitcoin stabilizes or as equity issuance resumes, which would indicate stronger demand for bitcoin treasury exposure through these stocks.

Risks: Investors should watch for further declines in bitcoin or a prolonged slowdown in equity issuance for bitcoin treasuries, which would likely keep these shares volatile and could pressure both common and preferred-security valuations.