Key Highlights
- B.Riley launched Strategy (MSTR) coverage with a Buy recommendation and set a $175 price objective
- The company possesses roughly 721,000 Bitcoin — representing approximately 3.4% of the entire Bitcoin network — purchased at an average cost basis of $76,000
- Shares currently trade at 1.2x net asset value, significantly compressed from the 2024 high of 3.4x
- The firm maintains a $2.25 billion cash position sufficient to fund approximately 30 months of interest expenses and dividend payments
- Company leadership disclosed a 22.8% Bitcoin Yield and generated an $8.9 billion Bitcoin dollar gain during 2025
On March 10, B.Riley began covering Strategy (MSTR) with a Buy recommendation and established a $175 price objective for the shares.
The investment firm highlighted Strategy’s “unmatched scale, institutional credibility, and disciplined capital markets execution” as primary factors supporting their positive stance.
Strategy operates as the world’s preeminent Bitcoin treasury corporation. According to March 6 data, the company controls approximately 721,000 Bitcoin — roughly 3.4% of the total circulating supply — accumulated for a combined investment of approximately $55 billion.
This translates to an average acquisition cost of about $76,000 per Bitcoin.
Shares are currently priced at $138.95, representing a 1.2x multiple to modified net asset value. This marks a dramatic contraction from the 2024 high of approximately 3.4x. B.Riley interprets this valuation compression as creating an opportunistic buying opportunity.
The broader analyst community shares a positive outlook on the equity. The consensus recommendation stands at Buy, although price objectives show considerable dispersion — ranging from a floor of $185 to a ceiling of $705. Benchmark set that $705 upper bound, maintaining its Buy stance based on a sum-of-the-parts methodology that projects Bitcoin accumulation through December 2026.
Strategy’s Capital Structure and Acquisition Financing
Strategy has constructed what management describes as a “digital credit platform” spanning six distinct securities — including common stock alongside five series of perpetual preferred shares carrying dividend rates between 8% and 11.5%.
The corporation maintains a $2.25 billion cash stockpile, providing approximately 30 months of coverage for its annual interest obligations and dividend commitments.
In the previous week, Strategy added 17,994 Bitcoin to its treasury using funds generated from equity sales. The company collected $1.28 billion via its at-the-market distribution program — comprising $899.5 million from 6.33 million Class A common shares and $377.1 million from 3.78 million preferred shares.
Chief Executive Officer Michael Saylor has publicly affirmed the company maintains no intention to liquidate its Bitcoin position and will persist with acquisition activities.
Operating Results and Analyst Perspectives
For 2025, company management achieved a 22.8% Bitcoin Yield metric and recorded an $8.9 billion Bitcoin dollar gain.
Strategy obtained its inaugural S&P credit assessment of B- with a stable outlook during Q3 2025, marking a significant achievement for an organization with this particular capital structure.
The equity holds membership in the Nasdaq 100 index, providing exposure to a substantial universe of index-tracking investors.
Shares advanced 7.6% in recent trading as Bitcoin rallied, lifting cryptocurrency-exposed equities broadly higher.
InvestingPro’s current valuation framework indicates the stock is trading close to its Fair Value estimate.
B.Riley’s $175 price objective positions near the lower boundary of Wall Street’s range, signaling a more measured perspective on valuation expansion despite the firm’s Buy rating.
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