TLDR
- B.Riley launched Strategy (MSTR) coverage on March 10 with a Buy recommendation and $175 price objective
- The company maintains a Bitcoin treasury of roughly 721,000 BTC — approximately 3.4% of total circulating supply — with $76,000 average acquisition cost
- MSTR shares now trade at 1.2x net asset value, significantly compressed from the 3.4x multiple reached in 2024
- The firm maintains $2.25 billion in cash reserves, sufficient to fund approximately 30 months of interest payments and dividend commitments
- Company leadership announced 22.8% Bitcoin Yield alongside $8.9 billion in Bitcoin dollar appreciation for 2025
On March 10, B.Riley launched analyst coverage of Strategy (MSTR) with a Buy recommendation and established a $175 price objective for shares.
The investment firm highlighted Strategy’s “unmatched scale, institutional credibility, and disciplined capital markets execution” as primary factors supporting the bullish stance.
Strategy operates as the planet’s largest Bitcoin treasury corporation. According to March 6 data, the company’s holdings total approximately 721,000 Bitcoin — representing roughly 3.4% of the cryptocurrency’s entire circulating supply — accumulated for a combined cost of approximately $55 billion.
This translates to an average acquisition cost of about $76,000 per Bitcoin.
With shares currently trading at $138.95, the company’s valuation stands at 1.2 times modified net asset value. This represents a dramatic decline from the approximately 3.4 times multiple observed at the 2024 peak. B.Riley interprets this valuation compression as creating an appealing buying opportunity.
The broader Wall Street analyst community shares a generally positive outlook on the equity. The consensus recommendation stands at Buy, although price targets demonstrate considerable variation — ranging from a conservative $185 floor to an aggressive $705 ceiling. Benchmark maintains that upper $705 target, recently reiterating its Buy stance based on sum-of-the-parts modeling of anticipated Bitcoin accumulation through December 2026.
How Strategy Funds Its Bitcoin Buying
Strategy has constructed what management characterizes as a “digital credit platform” spanning six different securities — ordinary common stock plus five distinct series of perpetual preferred shares carrying dividend rates between 8% and 11.5%.
The organization maintains a $2.25 billion cash position, providing approximately 30 months of coverage for its annual interest expense and dividend obligations.
In the most recent transaction last week, Strategy purchased an additional 17,994 Bitcoin using capital generated from equity issuances. The company secured $1.28 billion through its at-the-market distribution program — consisting of $899.5 million from selling 6.33 million Class A common shares and $377.1 million from issuing 3.78 million preferred shares.
CEO Michael Saylor has publicly affirmed the company maintains no intention of liquidating its Bitcoin position and plans to continue accumulating.
Recent Performance and Ratings
For 2025, company management achieved a 22.8% Bitcoin Yield metric alongside an $8.9 billion increase in Bitcoin dollar value.
Strategy secured its inaugural S&P credit assessment of B- with a stable outlook during Q3 2025, marking a significant achievement for an enterprise with this balance sheet configuration.
The equity holds Nasdaq 100 index membership, ensuring exposure to a substantial universe of index-tracking institutional investors.
Shares advanced 7.6% in recent trading as Bitcoin staged a recovery, lifting cryptocurrency-adjacent equities throughout the sector.
InvestingPro’s current analysis indicates the stock is trading approximately at its Fair Value level.
B.Riley’s $175 price objective positions toward the conservative end of the Wall Street target spectrum, indicating a more cautious perspective on valuation multiples despite the firm’s Buy recommendation.
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