B. Riley has issued buy ratings for Strategy ($MSTR) and Strive ($ASST), betting that the recent Bitcoin treasury valuation reset has created a strategic entry point. While the 45% drawdown from the 2025 highs stalled equity-driven accumulation, the firm argues that new digital credit financing models and diversified revenue streams are primed to catalyze the next growth cycle.
Why is B. Riley bullish on Bitcoin treasury stocks now?
The investment bank’s move comes after a period of intense volatility. With Bitcoin sliding from roughly $126,000 in October 2025 to the $69,000 level in early March 2026, the market-to-NAV (net asset value) premiums that once fueled aggressive equity issuance evaporated.
However, B. Riley analysts believe the "slump" has effectively cleared the speculative froth. By shifting focus toward preferred-share financing, these firms are no longer solely dependent on the spot price of Bitcoin to drive shareholder value. Instead, they are pivoting toward yield-generating models that appeal to income-focused institutional investors.
How do Strategy and Strive compare in the current market?
Both companies are leveraging distinct strategies to navigate the post-drawdown landscape. As noted by CoinDesk, the valuation gap is significant compared to previous peaks.
| Metric | Strategy ($MSTR) | Strive ($ASST) |
|---|---|---|
| B. Riley Target | $175 | $12 |
| Current Price | $141.82 | $8.67 |
| Valuation (mNAV) | ~1.2x | ~0.9x |
| Key Lever | Digital Credit Platform | Asset Management |
Strategy, led by Michael Saylor, maintains its dominance with a massive stash of 738,731 BTC. Their recent record-setting issuance demonstrates that despite price volatility, the appetite for treasury-backed equity remains robust. On the other hand, Strive offers a more diversified play, combining a 13,100 BTC treasury with a $2.5 billion asset management business, providing a buffer against pure crypto-market beta.