Key Takeaways
- • H.C. Wainwright raised its price target on Strategy Inc (MSTR) to $540 from $500 and reiterated a Buy rating, designating the company as its top stock pick for 2026 based on steady Bitcoin-per-share growth and strong execution.
- • Strategy Inc acquired 1,142 Bitcoin in early February 2026 for approximately $90 million (average price $78,815 per coin), bringing total holdings to 714,644 Bitcoin with a cumulative purchase price of $54.35 billion.
- • The firm cited MSTR's January 2026 capital raise of $3.9 billion to purchase an additional 41,002 Bitcoin as evidence of solid execution despite market volatility and poor investor sentiment.
- • H.C. Wainwright's crypto research is led by specialists including the Head of Crypto & Digital Infrastructure, reflecting the firm's focused institutional approach to blockchain and digital asset investment opportunities.
- • Contrasting analyst views emerged on the same day: while H.C. Wainwright maintained its bullish stance, BTIG lowered its price target on MSTR to $250 from $630, citing recent Bitcoin volatility as a moderating factor despite maintaining a Buy rating.
Summary
H.C. Wainwright has elevated Strategy Inc (MSTR) to its top stock pick for 2026, raising its price target to $540 from $500 while maintaining a Buy rating. The investment thesis centers on the company's consistent expansion of Bitcoin holdings on a per-share basis and disciplined capital allocation, even amid challenging market conditions and elevated volatility in cryptocurrency markets.
The firm's confidence is substantiated by recent corporate actions. In January 2026, Strategy Inc successfully raised $3.9 billion in capital and deployed those proceeds to acquire an additional 41,002 Bitcoin. Subsequently, in early February, the company continued its accumulation strategy, purchasing 1,142 Bitcoin for roughly $90 million between February 2 and February 8 at an average price of $78,815 per coin. These purchases brought MSTR's total Bitcoin holdings to 714,644, representing a cumulative investment of approximately $54.35 billion.
H.C. Wainwright's analysis underscores the firm's assessment that Strategy Inc—a publicly traded U.S. technology and Bitcoin treasury company that rebranded from MicroStrategy in 2025—offers institutional investors diversified exposure to digital assets alongside its AI-powered enterprise analytics software business. The firm's designation reflects confidence in management execution despite an 8% decline in Bitcoin prices immediately preceding MSTR's Q4 earnings call, which temporarily dampened broader investor sentiment.
Not all analysts shared H.C. Wainwright's enthusiasm on the same reporting date. BTIG reduced its price target on MSTR to $250 from $630 on February 6, citing cryptocurrency volatility as the primary rationale, though the firm maintained its own Buy rating. BTIG's analysis noted that MSTR's convertible debt remains highly over-collateralized with 30 months of USD reserves available to cover preferred equity dividends, suggesting financial flexibility despite near-term Bitcoin price pressure.
H.C. Wainwright's research in the crypto and digital infrastructure sector is anchored by dedicated specialists, positioning the firm as a focused institutional resource for alternative investment professionals evaluating exposure to blockchain-related equities and treasury strategies.
The firm's confidence is substantiated by recent corporate actions. In January 2026, Strategy Inc successfully raised $3.9 billion in capital and deployed those proceeds to acquire an additional 41,002 Bitcoin. Subsequently, in early February, the company continued its accumulation strategy, purchasing 1,142 Bitcoin for roughly $90 million between February 2 and February 8 at an average price of $78,815 per coin. These purchases brought MSTR's total Bitcoin holdings to 714,644, representing a cumulative investment of approximately $54.35 billion.
H.C. Wainwright's analysis underscores the firm's assessment that Strategy Inc—a publicly traded U.S. technology and Bitcoin treasury company that rebranded from MicroStrategy in 2025—offers institutional investors diversified exposure to digital assets alongside its AI-powered enterprise analytics software business. The firm's designation reflects confidence in management execution despite an 8% decline in Bitcoin prices immediately preceding MSTR's Q4 earnings call, which temporarily dampened broader investor sentiment.
Not all analysts shared H.C. Wainwright's enthusiasm on the same reporting date. BTIG reduced its price target on MSTR to $250 from $630 on February 6, citing cryptocurrency volatility as the primary rationale, though the firm maintained its own Buy rating. BTIG's analysis noted that MSTR's convertible debt remains highly over-collateralized with 30 months of USD reserves available to cover preferred equity dividends, suggesting financial flexibility despite near-term Bitcoin price pressure.
H.C. Wainwright's research in the crypto and digital infrastructure sector is anchored by dedicated specialists, positioning the firm as a focused institutional resource for alternative investment professionals evaluating exposure to blockchain-related equities and treasury strategies.
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