Wall Street's Newest Bitcoin Treasury Bull: B. Riley Launches Upside Coverage on Strategy and Strive

Core Viewpoint - B. Riley has initiated coverage on MicroStrategy and Strive, recommending both as buying opportunities due to compressed valuations following a decline in bitcoin prices from their October 2025 peak [1][2]. Company Analysis MicroStrategy (MSTR) - B. Riley set a price target of $175 for MicroStrategy, which is currently trading at $138.95, reflecting a 51.62% decline over the past year [1]. - The company holds 738,731 bitcoins, making it the largest corporate bitcoin holder, and has a diversified digital credit platform [1]. - MicroStrategy's shares currently trade at 1.2 times net asset value, down from a peak of 3.4 times in 2024, indicating a significant valuation compression [1]. - The company raised $25.3 billion in FY2025, maintaining its position as the largest equity issuer among U.S. public companies [1]. - Subscription services revenue grew by 62.1% year over year in Q4 2025, despite the stock being down 8.56% year to date [1]. Strive (ASST) - B. Riley has set a price target of $12 for Strive, which is currently trading at $8.51, down 42.34% year to date [1]. - Strive operates a dual-engine business model that combines bitcoin treasury with asset management, providing a unique value proposition [1]. - The company holds approximately 13,132 bitcoins and raised $762.6 million through PIPE financing [1]. - Strive's recent acquisition of Semler Scientific adds a medical device business to its portfolio, enhancing its operational capabilities [1]. Market Context - Bitcoin has traded between $65,008 and $74,100 in March 2026, down from a peak of approximately $125,226 in October 2025, leading to compressed NAV multiples for bitcoin treasury stocks [1]. - Each $1,000 move in bitcoin affects MicroStrategy's treasury value by roughly $739 million and Strive's by about $13.1 million, highlighting their sensitivity to bitcoin price fluctuations [2].