BBX: B. Riley Initiates MSTR with Buy Rating, GPUS Reserves Surpass 38% of Market Cap, CleanSpark Expands AI Computing Power

BBX News: Yesterday, global listed companies demonstrated new trends in crypto treasury governance, including a "valuation logic reshaping" and "Net Asset Value (NAV) pricing," marking that mainstream financial institutions are accelerating the establishment of institutionalized pricing power for benchmark companies: —Bullish Ratings from Investment Banks: B. Riley Securities officially initiated research coverage on Strategy Inc. (NASDAQ: $MSTR) and Strive Inc. (NASDAQ: $ASST) yesterday, assigning a "Buy" rating. The report emphasized that the benchmark companies’ adjusted Net Asset Value multiple (mNAV) has fallen back to a reasonable range, creating a strategic entry window. —Asset Value Inversion: Hyperscale Data (NYSE American: $GPUS) disclosed that its holdings of 617 bitcoins and cash reserves total approximately $82.9 million, reaching 137.98% of its market capitalization. This extreme value inversion highlights the significant arbitrage opportunities in the secondary market for bitcoin-denominated assets trading at a discount. —AI Computing Power Expansion: CleanSpark (NASDAQ: $CLSK) announced that its second Texas campus, with a 300 MW power capacity, has officially commenced operations. The company plans to prioritize serving hyperscale AI tenants, aiming to use the high-margin cash flow generated by AI to cover expansion costs without liquidating its bitcoin reserves. —Staking Output Dominance: Bitmine Immersion Technologies (NYSE: $BMNR) updated the status of its treasury holding 4.53 million ethereum. Through its MAVAN validator network, the company expects annualized staking yields to become the core financial engine for its AI infrastructure expansion, achieving a closed loop of "asset yield generation." —Preferred Stock Securitization: Strategy Inc. (NASDAQ: $MSTR) adjusted the monthly dividend rate of its digital credit preferred stock (STRC) to 11.5%. This instrument recorded a trading volume of about $300 million yesterday, establishing its position as a non-dilutive financing tool and a "perpetual bitcoin purchasing ammunition depot." The market is showing a clear dual evolution trend of "asset valuation reversion" and "migration of energy resources to AI computing power." Source: bbx.com