H.C. Wainwright analyst Mike Colonnese reaffirmed a Buy rating on Strategy Inc. (NASDAQ: MSTR) on May 6, maintaining a $540 price target. With the stock recently trading in the range of roughly $117 to $187, that target implies approximately 3.7x upside from current levels.

The firm actually raised its price target from $500 back in February 2026, when it named Strategy its top stock pick for the year. So this latest reiteration is less of a fresh call and more of a doubling down.

Colonnese points to Strategy’s capital markets execution, its ability to increase Bitcoin per share, and a pace of acquisitions that hasn’t slowed even during periods of market turbulence.

The company demonstrated this firepower in January 2026, when it raised $3.9 billion to acquire 41,002 BTC. Then in May 2026, the company announced modifications to its capital markets strategy, reinforcing its commitment to expanding its already massive Bitcoin treasury.

From MicroStrategy to Bitcoin Treasury Company

The company formerly known as MicroStrategy officially rebranded to Strategy Inc. on August 11, 2025. The name change reflected a fundamental shift in how the company wants to be understood by the market: not as an enterprise software firm that happens to own Bitcoin, but as what it calls the world’s first “Bitcoin Treasury Company.”

Strategy currently holds the title of largest corporate holder of Bitcoin on the planet. The software business still exists, but the stock trades as a leveraged proxy for Bitcoin, with the added complexity of capital structure decisions, share issuance, and debt instruments layered on top.

The H.C. Wainwright thesis is that Strategy’s management team, led by executive chairman Michael Saylor, can continue executing a capital markets playbook that amplifies Bitcoin returns on a per-share basis.