coindesk.com
Investment bank B. Riley initiated coverage of bitcoin treasury firms Strategy (MSTR) and Strive (ASST) with buy ratings, setting price targets of $175 and $12, respectively.
Strategy was trading at $141.82 at publication time, Strive at $8.67.
The sector was pressured after bitcoin fell more than 45% from about $126,000 in October 2025 to roughly $69,000 in early March 2026, compressing market-to-NAV premiums and slowing the equity issuance that had fueled bitcoin accumulation, the bank said in a report published Monday.
The correction has weighed on crypto-linked equities and funds. The decline in $BTC prices and broader risk-asset sentiment has contributed to volatility in shares of companies exposed to digital assets, including corporate bitcoin holders and crypto-focused investment vehicles.
Strategy remains the largest bitcoin treasury company, holding 738,731 $BTC. The company, led by Executive Chairman Michael Saylor, made a massive bitcoin purchase last week, adding 17,994 bitcoin to its holdings for a total cost of $1.28 billion, or $70,946 per coin.
The company has built a "digital credit platform" combining common equity and five series of perpetual preferred shares yielding 8% to 11.5%, backed by about $2.25 billion in cash reserves, according to analyst Fedor Shabalin.
The analyst noted that Strategy’s shares trade around 1.2 times mNAV, well below a roughly 3.4x peak 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.
Strive, meanwhile, combines a bitcoin treasury of about 13,100 $BTC with an asset-management business overseeing roughly $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.
Preferred securities issued by the companies could attract yield-focused investors, given that the payouts exceed many traditional income alternatives, the report added.
Read more: Strategy logs record STRC equity issuance on Monday, buys estimated 1,420 bitcoin