Mar. 10 at 3:35 PM
B. Riley Securities initiated coverage of Strategy with a Buy rating and a
$175 price target, implying about 25% upside, saying the Bitcoin treasury firm remains well positioned despite recent volatility in digital assets. The firm also began coverage of Strive with a Buy rating and a
$12 target.
The sector has faced pressure after Bitcoin fell from about
$126,000 in October 2025 to around
$69,000, compressing mNAV premiums. Strategy now trades near 1.2x mNAV, well below its ~3.4x peak in 2024.
Despite the downturn, analysts say the model is evolving toward preferred securities, digital credit instruments, and more diversified business lines. Strategy remains the largest Bitcoin treasury holder with about 721,000 BTC, roughly 3.4% of total supply, purchased for around
$55 billion.
$MSTR $BTC.X