H.C. Wainwright reiterates buy rating on Strategy with $540 target, sees 3.7x upside

The Wall Street firm sees massive upside in the world's largest corporate Bitcoin holder, maintaining a price target that dwarfs the current trading range

by Editorial Team

Thu 11 Jun 2026 · 04:49 EDT 2 min read

In Finance

Strategy Inc (MSTR) price

Full chart and stats

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Last close: $141
Close-to-close change: +1.1%
Market cap: Unavailable: verified input is a period-average share count, not an outstanding share total
P/E (trailing): Not meaningful: trailing loss. Diluted EPS −96.98 for 2025-07-01 to 2026-06-30, rolled from reported annual and year-to-date EPS (approximate) SEC filing
Annual revenue: $477.2M USD (FY ended 2025-12-31) 10-K
Annual revenue growth: +3.0% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income: −3,848,152,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin: -1,140.8% (FY ended 2025-12-31)
Forward P/E: Unavailable: no dated forecast source

Gloria daily close for session Oct 27, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Strategy Inc and its peers

Company	Price	Market cap	P/E (trailing)	Forward P/E	Annual revenue (USD)	Annual revenue growth	Annual net income (USD)	Operating margin
Strategy Inc MSTR · Price dated Oct 27, 2026 · tokenized MSTRx	$141	Unavailable	Not meaningfulLoss, diluted EPS −96.98 to 2026-06-30 · SEC filing	Unavailable	$477.2MFY ended 2025-12-31 · 10-K	+3.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−3,848,152,000FY ended 2025-12-31, attributable to the company · 10-K	−1,140.8%FY ended 2025-12-31
Coinbase Global, Inc. COIN · Price dated Oct 27, 2026 · tokenized COINx	$161	$42.5B	Not meaningfulLoss, diluted EPS −3.79 to 2026-06-30 · SEC filing	Unavailable	$7.2BFY ended 2025-12-31 · 10-K	+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K	1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K	20.0%FY ended 2025-12-31
Circle Internet Group, Inc. CRCL · Price dated Oct 27, 2026 · tokenized CRCLx	$82	Unavailable	16.3	Unavailable	$2.7BFY ended 2025-12-31 · 10-K	+63.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−69,508,000FY ended 2025-12-31, attributable to the company · 10-K	−3.5%FY ended 2025-12-31
Bitmine Immersion Technologies, Inc. BMNR · Price dated Oct 27, 2026 · tokenized BMNRx	$22	$13.0B	Not meaningfulLoss, diluted EPS −4.50 to 2026-05-31 · SEC filing	Unavailable	$6.1MFY ended 2025-08-31 · 10-K	+84.1%FY ended 2025-08-31 vs 2024-08-31 · 10-K	348,577,000FY ended 2025-08-31, attributable to the company · 10-K	7,288.1%FY ended 2025-08-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 28, 2026, 4:41 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Strategy Bitcoin treasury

Current company context. These observations may postdate this article; they do not describe holdings at publication.

Reported Bitcoin balance: 848,517 BTC
Gross Bitcoin value: $68.79B
Provider mNAV: 1.00x

CoinGecko Strategy · Retrieved Oct 28, 2026 18:52 UTC. Retrieval is not the company disclosure date.

Selected Bitcoin treasury companies

Company balances and provider ratios, not industry valuation peers. The article company appears first.

Actual source observations, refreshed separately by company
Company	BTC held	mNAV	Retrieved (UTC)
Strategy	848,517.00000000	1.00x	Oct 28 18:52
Metaplanet	44,000.00000000	0.71x	Oct 28 19:52
Twenty One Capital	43,514.00000000	0.93x	Oct 28 20:52
Strive	43,000.00000000	Not reported	Oct 28 16:15 · Delayed

CoinGecko mNAV is enterprise value divided by all crypto held, which can include assets besides Bitcoin. Gross Bitcoin value is not company value or net assets. Below 1.0x does not establish undervaluation.

Reported Bitcoin balance history

Strategy · BTC balances at source events

848,517 BTCOct 19, 2026 UTC

+6,380.00 BTC change since the first displayed event. Not a daily purchase series.

Aug 3840,447 to 848,517 BTCOct 19

Source: CoinGecko Strategy · Retrieved Oct 28, 19:15 UTC

8 source events. No balance is carried forward or inferred between dots. Source event dates are not independently checked filing dates.

Exact source records

Strategy · provider event balances
Source event date (UTC)	BTC balance
2026-08-03	842,137.00000000
2026-08-10	840,447.00000000
2026-08-31	845,050.00000000
2026-09-21	846,000.00000000
2026-09-28	847,665.00000000
2026-10-05	847,999.00000000
2026-10-12	848,250.00000000
2026-10-19	848,517.00000000

Coverage and pending data

Still pending: historical mNAV and USD valuations; filing-level validation of debt, cash, preferred claims, diluted shares and disclosure dates. Company coverage remains limited.

Existing observations keep their original retrieval times after a failed refresh. Data older than 48 hours is unavailable. Provider methodology.

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.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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