H.C. Wainwright reiterates buy rating on Strategy with $250 price target

Analyst Mike Colonnese points to $20.9 billion in unrealized Bitcoin gains and $5 billion in cash reserves as pillars of the bull case H.C. Wainwright analyst Mike Colonnese has maintained his Buy rating on Strategy Inc. (NASDAQ: MSTR) and kept his price target at $250, citing the company’s financial position after its Q3 2026 earnings release. The call lands against a backdrop of a deliberate slowdown in Bitcoin purchases, a $2 billion preferred stock buyback program, and an unrealized digital asset gain that most public companies can only dream about. Strategy reported $20.9 billion in unrealized fair-value gains on its digital asset holdings for Q3 2026, a figure that anchors the bull case even as the pace of new Bitcoin purchases slowed relative to prior quarters. The company also reported approximately $5 billion in USD reserves following its preferred stock repurchases. Colonnese noted that those reserves provide more than three years of coverage for the company’s dividend and interest obligations, giving the balance sheet a cushion that pure-play crypto exposure rarely affords. The preferred stock buyback program totaled $2 billion during the quarter. Management chose to red...