"Strategy now holds 738,731 bitcoins, making it the largest corporate bitcoin holder by a wide margin, and has built what the firm describes as a diversified digital credit platform spanning six separate securities. That capital structure complexity, which includes five series of perpetual preferred stock alongside common equity and convertible notes, gives Strategy tools to raise capital across market conditions that smaller peers simply cannot replicate."
"Strategy shares currently trade at 1.2x net asset value, a significant compression from the 3.4x peak reached in 2024. B. Riley frames that multiple contraction as an opportunity, not a structural problem, particularly if the regulatory environment for crypto continues to improve."
"B. Riley analyst Fedor Shabalin highlights the company's dual-engine business model combining a bitcoin treasury with an operating asset management business. The firm points to a solid capital structure with Strive trading at a discount to underlying value."
B. Riley has launched coverage on two Nasdaq-listed bitcoin accumulation companies with Buy ratings. Strategy Inc. (MSTR) received a $175 price target, while Strive, Inc. (ASST) received a $12 price target. Both stocks have declined sharply from recent highs, but B. Riley views this valuation compression as an opportunity. Strategy holds 738,731 bitcoins, making it the largest corporate bitcoin holder, with a diversified digital credit platform and complex capital structure enabling fundraising across market conditions. Strategy trades at 1.2x net asset value, compressed from a 3.4x peak in 2024. Strive operates a dual-engine model combining bitcoin treasury holdings with an asset management business. B. Riley's thesis centers on structural dominance and valuation opportunity rather than fundamental deterioration.
#bitcoin-treasury #corporate-bitcoin-holdings #valuation-compression #digital-assets #investment-opportunity
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