Key Takeaways
- B.Riley has launched coverage of Strategy (MSTR) stock, assigning a Buy rating alongside a $175 price objective
- The company maintains ownership of roughly 721,000 Bitcoin — representing approximately 3.4% of Bitcoin’s total circulating supply — with an average acquisition cost of $76,000
- Shares are currently valued at 1.2x net asset value, significantly below the 3.4x multiple reached in 2024
- The company maintains $2.25 billion in cash reserves, sufficient to fund approximately 30 months of interest payments and dividend commitments
- Company leadership announced a 22.8% Bitcoin Yield along with an $8.9 billion Bitcoin dollar gain for 2025
On March 10, B.Riley launched its coverage of Strategy (MSTR) stock, assigning a Buy recommendation with a $175 price objective.
According to the firm, Strategy’s “unmatched scale, institutional credibility, and disciplined capital markets execution” formed the foundation of their positive outlook.
Strategy operates as the globe’s premier Bitcoin treasury corporation. Through March 6, the company controlled approximately 721,000 Bitcoin — roughly 3.4% of the entire Bitcoin supply — accumulated at an aggregate cost approaching $55 billion.
This translates to an average acquisition price of approximately $76,000 per Bitcoin.
Trading at $138.95, the stock reflects a 1.2x modified net asset value multiple. This represents a dramatic decline from the approximately 3.4x multiple witnessed during 2024’s peak. B.Riley interprets this valuation contraction as presenting a compelling buying opportunity.
The broader analyst community shares an optimistic outlook on the stock. The consensus recommendation stands at Buy, although price targets demonstrate considerable variation — spanning from $185 at the conservative end to $705 at the upper boundary. Benchmark maintains that $705 projection, reaffirming its Buy stance based on a sum-of-the-parts valuation of anticipated Bitcoin holdings extending through the conclusion of 2026.
Strategy’s Bitcoin Acquisition Financing Structure
Strategy has constructed what management describes as a “digital credit platform” utilizing six distinct securities — including common shares and five separate series of perpetual preferred stock carrying coupons between 8% and 11.5%.
The corporation holds $2.25 billion in cash reserves, providing roughly 30 months of coverage for yearly interest and dividend obligations.
In the previous week, Strategy purchased an additional 17,994 Bitcoin utilizing funds from equity issuances. The company generated $1.28 billion via its at-the-market offering initiative — comprising $899.5 million from 6.33 million Class A common shares and $377.1 million from 3.78 million preferred shares.
CEO Michael Saylor has publicly affirmed that the company intends to retain its Bitcoin position indefinitely while continuing accumulation efforts.
Current Performance Metrics and Analyst Ratings
Throughout 2025, company management achieved a 22.8% Bitcoin Yield alongside an $8.9 billion Bitcoin dollar gain.
During Q3 2025, Strategy secured its inaugural S&P credit rating of B- with a stable outlook, marking a significant achievement for an entity with this particular balance sheet configuration.
As a Nasdaq 100 component, the stock enjoys exposure to a substantial pool of passive institutional capital.
Shares advanced 7.6% in recent trading as Bitcoin experienced a recovery, lifting cryptocurrency-related equities throughout the sector.
InvestingPro’s current assessment indicates the stock is trading approximately at its Fair Value.
B.Riley’s $175 price target positions toward the conservative end of Wall Street’s range, indicating a measured perspective on valuation multiples despite maintaining a Buy recommendation.
