Investment bank B. Riley has released a comprehensive analysis covering Nasdaq-listed firms Strateji and Strive, both known for their deep engagement with the cryptocurrency sector. In their latest report, B. Riley set ambitious price targets for both companies: $175 for Strateji and $12 for Strive, signaling significant upside potential compared to their current valuations. According to the analysis, the shares of both firms are presently trading well below what B. Riley considers their fair value.
Crypto Asset Strategies Shape Market Leadership
Strateji has emerged as a front-runner among publicly traded firms with substantial corporate bitcoin holdings, currently maintaining a world-leading reserve of 738,731 bitcoin. The company’s capacity to leverage a digital credit platform and diverse capital instruments brings added financial flexibility. Meanwhile, Strive operates on a dual business model, managing nearly 13,132 bitcoin and overseeing assets totaling $2.5 billion. Following its public listing in September 2025, Strive expanded its operations by acquiring Semler Scientific’s medical device division through a share swap in January 2026, signaling its intent to diversify revenue streams.
Performance Trends and Analyst Views
Over the past year, Strateji’s stock price has tumbled by 51.6%. Despite this, the company successfully raised $25.3 billion by issuing new shares in 2025 and saw its software subscription revenues jump by more than 62% in the recent quarter. Strive’s shares have also experienced pressure, dropping 42.3% since the start of the year, including a 28.6% slide over the past month alone. B. Riley analysts have noted that Strive maintains a tightly managed capital structure with relatively low short-term debt exposure.
In its report, B. Riley emphasized that the sharp drop in sector valuations is more of a temporary market dislocation than a sign of deeper structural issues. Strateji, for instance, currently trades at about 1.2 times its net asset value—a significant contraction from the price-to-NAV ratio of over 3 seen in 2024. Strive, on the other hand, now trades at close to 90% of its adjusted net asset value, reflecting ongoing volatility in early trading phases.
Bitcoin Volatility Leaves Its Mark
The sharp decline in Bitcoin prices at the end of 2025 marked a turning point for crypto-focused company stocks. Between its peak in October 2025 and March 2026, Bitcoin shed 45% of its value. This dramatic move weighed heavily on net asset multipliers for both Strateji and Strive and corresponded with a notable slowdown in their rate of bitcoin accumulation.
A fluctuation of just $1,000 in the Bitcoin price translates to a roughly $739 million swing in the value of Strateji’s reserves and a $13.1 million shift for Strive. This tight correlation underscores how directly the fortunes of both companies are tied to the cryptocurrency’s price.
Strateji made headlines last week through a major purchase of 17,994 bitcoin, pushing its total holdings to 738,731 BTC. This massive reserve lifted the company’s bitcoin asset value to approximately $50 billion, reinforcing its status as a heavyweight in corporate digital asset ownership.
