B. Riley starts Strategy with Buy on ‘”unmatched scale’

B. Riley last night initiated coverage of Strategy (MSTR) with a Buy rating and $175 price target The firm says Strategy is the first and largest bitcoin treasury company, holding 721,000 bitcoin. The company has constructed a diversified digital credit platform spanning six securities, the analyst tells investors in a research note. Riley points out the shares trades at 1.2-times net asset value, significantly compressed from its 2024 peak of 3.4-times. It thinks this compression represents an attractive entry point given Strategy’s “unmatched scale, institutional credibility, disciplined capital markets execution, and potential structural tailwinds from a pro-crypto regulatory environment.”