In a bold move that signals renewed interest in the corporate bitcoin treasury sector, investment bank B. Riley has initiated coverage on Strategy Inc. (NASDAQ:MSTR) and Strive, Inc. (NASDAQ:ASST), assigning both companies a Buy rating. The bank’s analysts see the current valuation compression as a strategic opportunity, not a cause for concern.
B. Riley’s analyst Fedor Shabalin led the coverage of Strive, noting that the company’s stock has fallen significantly from its previous highs, mirroring the broader market downturn. Bitcoin, which is a significant component of both companies’ treasuries, has dropped more than 45% from its peak of about $126,000 in October 2025 to around $69,000 in early March 2026. Despite this, B. Riley believes the current valuations present a compelling entry point for investors.
Strategy: Dominance and Scale
For Strategy, B. Riley highlights the company’s unparalleled scale and market dominance. Strategy holds 738,731 BTC, the largest corporate treasury in the world, and has recently added 41,002 bitcoin in January 2026 alone. The company’s robust capital structure, which includes a digital credit platform spanning six securities, allows it to access funding across different market cycles. This flexibility has been crucial, as Strategy raised $25.3 billion in FY2025 through equity issuance, making it the largest U.S. public issuer for the second consecutive year.
Despite these operational advancements, Strategy’s shares have fallen 51.6% over the past year. B. Riley attributes this decline to the broader market sentiment and the compression of net asset value (NAV) multiples. Strategy currently trades at 1.2 times NAV, down from a peak of 3.4 times in 2024. However, the bank believes that the company’s strong fundamentals and strategic position will drive long-term growth.
Strive: Dual-Engine Growth
Strive, on the other hand, operates a dual-engine model that combines a bitcoin treasury of roughly 13,132 BTC with an asset management business overseeing $2.5 billion in assets. The company went public via a reverse merger in September 2025 and recently completed an all-stock acquisition of Semler Scientific, adding a medical device business to its portfolio. Strive’s stock has also faced significant pressure, down 42.3% year to date and 28.6% over the past month.
B. Riley emphasizes Strive’s strong capital structure, which includes minimal near-term convertible debt, providing predictable cash flows for income-focused investors. The company trades around 0.9 times modified NAV, reflecting early-stage volatility and a discount to its combined bitcoin and asset management value. The bank sees this as an opportunity for investors to capitalize on the company’s growth potential and diversified revenue streams.
Market Sensitivity and Future Outlook
The market sensitivity of both Strategy and Strive is significant, with each $1,000 move in bitcoin translating to roughly $739 million in treasury value for Strategy and $13.1 million for Strive. This price sensitivity underscores the importance of bitcoin’s performance in driving the valuation of these companies. B. Riley’s Buy ratings and price targets of $175 for Strategy and $12 for Strive reflect the bank’s confidence in the long-term potential of these firms.
As the cryptocurrency market continues to evolve, the corporate bitcoin treasury sector remains a critical area of focus for investors and analysts alike. B. Riley’s initiation of coverage on Strategy and Strive with Buy ratings signals a belief that the current market conditions are ripe for strategic investment. For investors looking to capitalize on the potential upside, these companies offer a compelling entry point into the growing world of corporate bitcoin treasuries.
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