Just saw B. Riley dropped coverage on two bitcoin treasury plays - Strategy and Strive - both with buy ratings. They're targeting $175 and $12 respectively, which is interesting considering where these are trading right now. Strategy's at $141, Strive sitting around $8.67.

The thesis is pretty straightforward: bitcoin got absolutely hammered from $126K down to $69K over the past few months, which crushed the valuations on these treasury companies. That massive drawdown hit the premium multiples they were trading at. But here's where it gets interesting - both companies are now trading well below their NAV metrics. Strategy's at like 1.2x mNAV (way down from that 3.4x peak in 2024), and Strive's even cheaper at 0.9x. Classic oversold territory if you believe in the thesis.

What caught my attention is the preferred share angle. Strategy's apparently set up this "digital credit platform" with preferred yields hitting 8% to 11.5%, and Strive's offering around 12.5%. That's actually compelling income if you're looking at alternatives right now. Strategy just dumped $1.28B into bitcoin last week too - 17,994 coins at $70,946 each. Strive's got about 13,100 BTC backing their operations plus a $2.5B asset management business.

Obviously the market's been rough on crypto-linked equities with bitcoin bouncing around. But these valuations look like they're pricing in a lot of pessimism at this point.