Key Highlights
- B.Riley launched coverage on Strategy (MSTR) with a Buy recommendation and $175 price objective
- The company owns roughly 721,000 Bitcoin — representing approximately 3.4% of the entire Bitcoin supply — with an average acquisition cost of $76,000
- Shares trade at 1.2x net asset value, a significant decline from the 2024 high of 3.4x
- The company maintains a $2.25 billion cash position sufficient to fund approximately 30 months of interest and dividend payments
- Leadership announced 22.8% Bitcoin Yield alongside an $8.9 billion Bitcoin dollar gain during 2025
B.Riley launched coverage on Strategy (MSTR) on March 10, assigning a Buy recommendation with a $175 price objective.
The research firm highlighted Strategy’s “unmatched scale, institutional credibility, and disciplined capital markets execution” as primary factors supporting the recommendation.
Strategy operates as the world’s largest Bitcoin treasury company. According to March 6 data, the firm possesses approximately 721,000 Bitcoin — roughly 3.4% of the total Bitcoin supply — purchased for a combined cost of approximately $55 billion.
This translates to an average acquisition price of around $76,000 per Bitcoin.
Shares currently trade at $138.95, representing 1.2 times modified net asset value. This marks a substantial decline from the 2024 peak valuation of approximately 3.4 times. B.Riley views this multiple compression as creating an appealing opportunity for investors.
Wall Street analysts maintain a generally positive outlook on the stock. The consensus recommendation stands at Buy, with price objectives ranging considerably — from $185 at the low end to $705 at the high end. Benchmark maintains that $705 target, reiterating its Buy stance based on sum-of-the-parts valuation of anticipated Bitcoin holdings extending through end of 2026.
Capital Raising Strategy for Bitcoin Acquisitions
Strategy has established what management describes as a “digital credit platform” spanning six securities — common equity alongside five series of perpetual preferred stock carrying coupons between 8% and 11.5%.
The company maintains a $2.25 billion cash reserve, providing approximately 30 months of coverage for annual interest and dividend obligations.
During the previous week, Strategy added 17,994 Bitcoin to its treasury using funds from equity sales. The company generated $1.28 billion through its at-the-market distribution program — $899.5 million from 6.33 million Class A common shares alongside $377.1 million from 3.78 million preferred shares.
CEO Michael Saylor has indicated the company intends to retain its Bitcoin holdings while continuing acquisition activities.
Financial Results and Analyst Coverage
Throughout 2025, management achieved a 22.8% Bitcoin Yield alongside an $8.9 billion Bitcoin dollar gain.
Strategy secured its inaugural S&P credit rating of B- with a stable outlook during Q3 2025, marking an important achievement for a company with this balance sheet composition.
The equity trades as a Nasdaq 100 component, providing exposure to a wide array of passive investment vehicles.
Shares advanced 7.6% in recent trading as Bitcoin rallied, lifting crypto-exposed equities throughout the sector.
InvestingPro analysis indicates the stock currently trades close to its Fair Value estimate.
B.Riley’s $175 price objective positions toward the lower end of analyst targets, indicating a more measured perspective on valuation multiples while maintaining the Buy recommendation.
