Investment bank B. Riley initiated coverage on bitcoin tax companies Strategy ( MSTR ) and Strive ( ASST ) with buy ratings and set price targets of $175 and $12, respectively.
Strategy traded at $141.82 at press time, Strive at $8.67.
The sector was squeezed after bitcoin fell more than 45% from around $126,000 in October 2025 to around $69,000 in early March 2026, compressing market-to-NAV premiums and slowing equity issuance that had fueled bitcoin accumulation, the bank said in a report published Monday.
The correction has weighed on crypto-linked stocks and funds. The drop in BTC prices and broader risk-asset sentiment have contributed to volatility in shares of companies exposed to digital assets, including holders of corporate bitcoin and crypto-focused investment vehicles.
Strategy remains the largest bitcoin treasury company with 738,731 BTC. The company, led by chairman Michael Saylor, made a massive bitcoin purchase last week, adding 17,994 bitcoin to its holdings for a total price of $1.28 billion, or $70,946 per coin.
The company has built a “digital credit platform” that combines common equity and five series of perpetual preferred shares yielding 8% to 11.5%, backed by about $2.25 billion in cash reserves, according to analyst Fedor Shabalin.
The analyst noted that Strategy’s shares are trading around 1.2x mNAV, well below a roughly 3.4x peak in 2024, making for an attractive entry point.
mNAV is a metric used to value bitcoin treasury companies by comparing a company’s market capitalization to the value of its underlying bitcoin holdings and related assets.
Strive, meanwhile, combines a bitcoin treasury of about 13,100 BTC with an asset management business that oversees about $2.5 billion. The analyst pointed to its low gearing, a preferred stock dividend of about 12.5% and a valuation discount, with the stock trading at about 0.9x modified NAV.
Preferred securities issued by the companies could attract yield-focused investors as payouts exceed many traditional income alternatives, the report added.
Read more: Strategilogs records STRC stock issuance on Monday, buys estimated 1,420 bitcoin
