B. Riley Securities reiterates buy rating on Strategy, raises price target to $195
B. Riley Securities bumped its price target on Strategy (NASDAQ: MSTR) to $195 from $175, keeping a Buy rating on the stock in a research note dated September 22, 2026. The implied upside from prices around $168 at the time of the note: roughly 16%.
The catalyst list is short but potent. B. Riley pointed to two events converging in a matter of days: the SEC's freshly minted "Innovation Exemption" for tokenized securities, and the Trump-Xi meeting scheduled for September 24. Both could inject fresh momentum into digital asset-linked equities, and Strategy, the largest corporate holder of Bitcoin, sits squarely in the crosshairs of that trade.
On September 17, the SEC granted a five-year conditional exemption that allows Tokenized Securities Venues, or TSVs, to facilitate the trading of tokenized National Market System stocks without registering as full exchanges. The exemption runs through September 17, 2031, giving venues a meaningful runway to build out infrastructure.
For companies like Strategy, the implications are layered. Tokenized stock trading means continuous markets, not just the 6.5-hour window that NYSE and Nasdaq provide. B. Riley noted that this dynamic could produce significant catch-up moves in associated equities when traditional markets reopen.
B. Riley framed the exemption as a structural tailwind rather than a one-off event. The firm suggested the regulatory shift could draw more institutional attention to companies operating at the intersection of traditional equities and digital assets.
The research note was careful to distinguish between what's driving the current rally and what isn't. B. Riley attributed the heightened activity in digital asset markets to liquidity and sentiment factors, not to any fundamental shift in underlying business models or Bitcoin's supply dynamics.
B. Riley has been incrementally raising its target on Strategy throughout 2026, with the stock previously carrying a $175 price target before this latest revision.
Strategy's business model has evolved considerably from its origins as an enterprise analytics software company. Under Michael Saylor's leadership, the company pivoted aggressively into Bitcoin accumulation, using a combination of debt issuances and equity offerings to build what has become the largest corporate Bitcoin treasury in the world.
B. Riley's thesis essentially argues that tokenized trading infrastructure creates a new demand channel for equities like MSTR. If tokenized stock venues gain traction during the five-year exemption window, the pool of potential buyers grows, and so does liquidity.