Investment bank B. Riley initiated coverage of bitcoin treasury companies Strategy (MSTR) and Strive (ASST) with buy ratings, setting price targets of $175 and $12, respectively.
The strategy was trading at $141.82 at press time and Strive’s was trading at $8.67.
The sector came under pressure after Bitcoin fell more than 45%, from about $126,000 in October 2025 to about $69,000 in early March 2026, compressing market premiums to NAV and slowing equity issuance that had fueled Bitcoin accumulation, the bank said in a report released Monday.
The correction has weighed on stocks and funds linked to cryptocurrencies. Falling BTC prices and broader sentiment around risk assets have contributed to stock volatility in companies exposed to digital assets, including corporate bitcoin holders and cryptocurrency-focused investment vehicles.
Strategy remains the largest bitcoin treasury company, with 738,731 BTC. The company, led by CEO Michael Saylor, made a massive bitcoin purchase last week, adding 17,994 bitcoins to its holdings for a total cost of $1.28 billion, or $70,946 per coin.
The company has built a “digital credit platform” that combines common equity and five series of perpetual preferred shares with a yield of 8% to 11.5%, backed by about $2.25 billion in cash reserves, according to analyst Fedor Shabalin.
The analyst noted that Strategy shares are trading at around 1.2 times mNAV, well below a peak of around 3.4 times in 2024, presenting an attractive entry point.
mNAV is a metric used to value bitcoin treasury companies by comparing a company’s market capitalization to the value of its underlying bitcoin holdings and related assets.
Meanwhile, Strive combines a bitcoin treasury of approximately 13,100 BTC with an asset management business overseeing approximately $2.5 billion. The analyst highlighted its low leverage, a preferred stock yield of around 12.5% and a valuation discount, with the stock trading at around 0.9 times modified NAV.
Preferred securities issued by companies could attract performance-focused investors as the payouts exceed many traditional income alternatives, the report added.
Read more: Strategy sees record issuance of STRC shares on Monday and purchases approximately 1,420 bitcoins
