MSTR and ASST have big upside after major declines, says B. Riley

Investment bank B. Riley initiated coverage on bitcoin treasury companies Strategy (MSTR) and Strive (ASST) with buy ratings, setting price targets of $175 and $12, respectively. This follows a significant slump in the bitcoin treasury sector, where Bitcoin fell over 45% from its October 2025 high, compressing market-to-NAV premiums. B. Riley believes this correction has reset valuations, creating an attractive entry point. Strategy, the largest holder with 738,731 BTC, trades around 1.2 times its market value to net asset value (mNAV), down from a 3.4x peak. Strive, holding about 13,100 BTC and managing $2.5 billion in assets, trades at about 0.9x modified NAV. The bank suggests that preferred securities issued by these companies could appeal to yield-focused investors due to attractive yields.

(Source：CoinDesk)