B. Riley gave Strategy and Strive a buy rating, with target prices of $175 and $12 respectively.

Investment bank B. Riley initiated coverage on Bitcoin treasury companies Strategy and Strive, both with buy ratings and price targets of $175 and $12 respectively. The report notes that the Bitcoin treasury sector experienced a decline after Bitcoin prices fell from approximately $126,000 in October 2025 to approximately $69,000 in early March 2026. This market valuation was reset, slowing equity issuance but also creating opportunities for new digital credit financing models, potentially aiding a sector recovery. As of press time, Strategy's stock price was $141.82, holding 738,731 Bitcoins; Strive's stock price was $8.67, with approximately 13,100 Bitcoins and assets under management of approximately $2.5 billion. Strategy made a significant purchase of 17,994 Bitcoins last week, with a total cost of approximately $1.28 billion (an average price of $70,946 per Bitcoin). Analysts point out that Strategy has built a "digital credit platform" combining common stock and five series of perpetual preferred stock (yields of 8%–11.5%), with cash reserves of approximately $2.25 billion. Its current share price is about 1.2 times its revised net asset value (mNAV), significantly lower than its 2024 high of approximately 3.4 times, offering an attractive buying opportunity. Strive attracts investors with low leverage, a preferred stock yield of approximately 12.5%, and a discounted valuation (approximately 0.9x mNAV). The report adds that the preferred stock yields issued by both companies are higher than many traditional fixed-income instruments, potentially attracting yield-seeking investors. (CoinDesk)