Investment bank B. Riley initiated coverage of treasury companies Bitcoin 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, with Strive at $8.67.
The sector came under pressure after bitcoin fell more than 45% from around $126,000 in October 2025 to around $69,000 in early March 2026, compressing market premiums to net asset value and slowing the stock issuance that had fueled bitcoin’s accumulation, the bank said in a report released Monday.
The correction weighed on stocks and funds linked to cryptocurrencies. Falling BTC prices and broader risk-asset sentiment have contributed to volatility in shares of companies with exposure to digital assets, including Bitcoin-holding companies 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 bitcoins to its holdings at a total cost of $1.28 billion, or $70,946 per coin.
The company has built a “digital credit platform” combining common shares 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 shares trade around 1.2x mNAV, well below the peak of around 3.4x reached in 2024, making for 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 associated assets.
Strive, meanwhile, combines a Bitcoin treasury of around 13,100 BTC with an asset management business overseeing around $2.5 billion. The analyst highlighted its low leverage, preferred stock yield of around 12.5% and a valuation discount, with the stock trading at around 0.9x modified net asset value.
Preferred securities issued by companies could attract yield-oriented investors, given that payouts exceed many traditional income alternatives, the report adds.
Learn more: Strategy Records Record Issuance of STRC Shares on Monday, Buys Around 1,420 Bitcoin
