Investment bank B. Riley has issued its first formal coverage of the corporate bitcoin treasury sector, assigning Buy ratings to Strategy Inc. (NASDAQ:MSTR) and Strive Inc. (NASDAQ:ASST) with price targets of $175 and $12, respectively. The move signals growing institutional recognition of companies pursuing bitcoin treasury strategies, despite recent market volatility that has compressed valuations across the sector.
Strategic Treasury Models Under Institutional Scrutiny
Strategy holds 738,731 BTC, representing the world's largest corporate bitcoin position. The company has built a sophisticated capital structure spanning six securities, including five series of perpetual preferred stock, common equity, and convertible notes. This framework enables the firm to access funding across different market conditions—a capability that proved effective when Strategy raised $25.3 billion through equity issuance in FY2025, making it the largest U.S. public issuer for the second consecutive year.
The company added 17,994 BTC last week alone through a $1.28 billion purchase, bringing its total treasury value to approximately $50 billion at current prices. Strategy's software subscription business also showed operational strength, with Q4 2025 revenue growing 62.1% year-over-year. Despite these developments, MSTR shares have declined 51.6% over the past year.
Strive operates a dual-model approach, combining a bitcoin treasury of approximately 13,132 BTC with an asset management business managing $2.5 billion. The company entered public markets through a reverse merger in September 2025 and recently acquired Semler Scientific in an all-stock transaction, adding a medical device division. ASST shares are down 28.6% over the past month.
Workforce Implications in Corporate Treasury Evolution
B. Riley analyst Fedor Shabalin frames the current valuation compression as an opportunity rather than structural weakness. Strategy trades at 1.2x net asset value, down from a 3.4x peak in 2024, while Strive trades around 0.9x modified NAV.
For blockchain and finance professionals, these developments underscore growing demand for expertise in corporate treasury management, digital asset custody, capital markets structuring, and cross-functional roles bridging traditional finance with crypto operations. The sector's evolution from simple bitcoin acquisition to complex capital structures requires professionals skilled in both domains, creating specialized career pathways in this emerging field.
