Bitcoin’s Epic Slump: Strategy and Strive’s Bold Buy Ratings at B. Riley!

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Markets

What to know:

  • B. Riley has, in its infinite wisdom, graced us with a “buy” rating on both Strategy and Strive, with utterly bold price targets of $175 and $12, respectively.
  • Bitcoin’s stunning dive from a once-beloved $126,000 in October 2025 to a more modest $69,000 by early March 2026 has evidently squeezed treasury-company valuations and left equity-driven BTC accumulation in a state of utter stagnation.
  • Preferred-share financing and diversified business lines-because why not throw in a little bit of everything?-could, in theory, propel the next phase of growth.

Ah, the infamous B. Riley-ever the beacon of financial foresight-has initiated coverage of bitcoin treasury companies Strategy (MSTR) and Strive (ASST), bestowing them with “buy” ratings. Their price targets? A highly ambitious $175 for Strategy and a more down-to-earth $12 for Strive. Oh, and for context, Strategy was gallivanting at $141.82 at the time of this publication, while Strive languished at a humble $8.67. Truly, the peaks and valleys of investment!

The sector, once soaring like an eagle on a breezy afternoon, has now been weighed down like an anvil after bitcoin’s rather dramatic plummet of over 45%. From a heady $126,000 in October 2025 to a somewhat more pedestrian $69,000 by March 2026, the fall has caused a tight squeeze on market-to-NAV premiums. As a result, the equity issuance that once fueled Bitcoin accumulation is now as still as a puddle after a thunderstorm. The report, as expected, sheds light on this sobering development.

Of course, this correction has had its rippling effects on the crypto-linked equities and funds. With BTC prices sliding and broader risk-asset sentiment taking a hit, shares of companies with a toe in the digital asset waters, including corporate bitcoin holders and crypto-focused investment vehicles, have felt the sting. Truly, a sad day for those hoping to ride the digital wave of fortune.

But don’t worry, Strategy is not without its assets. The company continues to reign as the largest bitcoin treasury, holding an impressive 738,731 BTC. Under the watchful eye of Executive Chairman Michael Saylor, the company recently decided it was time to make another bold move, purchasing an additional 17,994 BTC for the small sum of $1.28 billion-roughly $70,946 per coin. What a time to be alive!

Not to be outdone, Strategy has created what they’re calling a “digital credit platform”-because we all need more jargon in our lives. This platform combines common equity and a whopping five series of perpetual preferred shares with a yield ranging from 8% to 11.5%. This is all backed by $2.25 billion in cash reserves. Quite the operation, wouldn’t you say?

Analyst Fedor Shabalin has graciously pointed out that Strategy’s shares currently trade at about 1.2 times modified NAV, a significant dip from the wild 3.4x peak in 2024. So, if you’re feeling adventurous, now might be a prime time to buy in. Don’t forget to thank Shabalin for the advice when you’re rolling in profits!

Meanwhile, Strive is out here with a comparatively modest 13,100 BTC in its treasury and an asset-management business handling approximately $2.5 billion. The low leverage, combined with a preferred share yield of about 12.5%, has caused the stock to trade at a cool 0.9x modified NAV. Truly, the perfect storm for anyone looking for a bargain. After all, who doesn’t love a discount on their crypto shares?

The report also hints that preferred securities from these companies might pique the interest of yield-focused investors-those who can no longer stand the dull monotony of traditional income alternatives. And really, who can blame them?

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2026-03-10 15:57