Key Highlights
- B.Riley launched coverage of Strategy (MSTR) with a Buy recommendation and $175 price objective
- The company owns roughly 721,000 Bitcoin — approximately 3.4% of the total circulating supply — with an average acquisition cost of $76,000
- Shares are currently valued at 1.2x net asset value, significantly below the 2024 high of 3.4x
- The firm maintains a $2.25 billion cash position sufficient to fund approximately 30 months of interest and dividend payments
- Company leadership disclosed 22.8% Bitcoin Yield and an $8.9 billion Bitcoin dollar profit in 2025
On March 10, B.Riley began covering Strategy (MSTR) with a Buy recommendation and established a $175 price objective.
The investment firm pointed to Strategy’s “unmatched scale, institutional credibility, and disciplined capital markets execution” as primary drivers behind the positive rating.
Strategy operates as the globe’s premier Bitcoin treasury corporation. According to data through March 6, the company possesses approximately 721,000 Bitcoin — representing roughly 3.4% of the entire Bitcoin supply — purchased for a cumulative investment of approximately $55 billion.
This translates to an average acquisition cost of approximately $76,000 per Bitcoin.
Trading at $138.95, the equity is priced at 1.2 times modified net asset value. This represents a significant decline from the 2024 zenith of approximately 3.4 times. B.Riley interprets this valuation compression as a compelling opportunity for investors.
The broader analyst community shares a positive outlook on the stock. The consensus recommendation stands at Buy, although price projections span a wide range — from a conservative $185 to an aggressive $705. Benchmark established the $705 forecast, maintaining its Buy stance based on a sum-of-the-parts evaluation of anticipated Bitcoin accumulation through the close of 2026.
Strategy’s Bitcoin Acquisition Funding Model
Strategy has constructed what management describes as a “digital credit platform” utilizing six different securities — common stock plus five series of perpetual preferred equity instruments carrying dividend rates between 8% and 11.5%.
The corporation maintains a $2.25 billion liquidity buffer, providing roughly 30 months of coverage for yearly interest obligations and dividend commitments.
Most recently, Strategy purchased an additional 17,994 Bitcoin utilizing funds from equity issuances. The firm generated $1.28 billion through 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 that the organization has no intention of liquidating its Bitcoin portfolio and will maintain its accumulation strategy.
Latest Results and Analyst Views
For 2025, company management achieved a 22.8% Bitcoin Yield metric and recorded an $8.9 billion Bitcoin dollar appreciation.
Strategy secured its inaugural S&P credit assessment of B- with a stable outlook during Q3 2025, representing a significant achievement for an enterprise with this particular balance sheet configuration.
The equity holds Nasdaq 100 index membership, providing exposure to a substantial universe of index fund investors.
Shares advanced 7.6% in recent trading sessions as Bitcoin rallied, lifting cryptocurrency-linked equities throughout the sector.
InvestingPro’s current evaluation indicates the stock is trading close to its Fair Value estimate.
B.Riley’s $175 price objective positions toward the conservative end of Wall Street’s range, indicating a measured perspective on valuation multiples despite the firm’s Buy recommendation.
