Key Takeaways
- Strategy has halted Bitcoin acquisitions this week in advance of its Q1 earnings announcement on Tuesday
- The firm’s Bitcoin holdings total 818,334 BTC, representing approximately 3.9% of Bitcoin’s entire circulating supply
- Analyst projections indicate a per-share loss ranging from $3.41 to $27.33 for the first quarter
- Revenue projections stand at approximately $125 million, reflecting a ~12.6% increase compared to last year
- Questions surrounding Strategy’s STRC preferred share dividend yield of 11.5% continue to intensify
Michael Saylor revealed on Sunday that Strategy would be taking a break from Bitcoin purchases this week. “No buys this week. Back to work next week,” he shared on X.
No buys this week. Back to work next week. $BTC pic.twitter.com/lqliYZPAf4
— Michael Saylor (@saylor) May 3, 2026
This marks just the second time the company has halted purchases in 2025. The previous pause occurred during the week spanning March 23–29.
The company’s latest Bitcoin acquisition took place during the April 20–26 period, when Strategy purchased 3,273 BTC for $255 million, paying an average of $77,906 per coin. The transaction was made public through an 8-K SEC filing submitted on April 27.
Strategy’s current Bitcoin holdings stand at 818,334 BTC. Bitcoin was trading near $80,100 Monday morning, showing approximately 20% gains over the previous month.
The company’s average acquisition cost per Bitcoin stands at $75,537. At present market values, Strategy holds an unrealized profit on its Bitcoin position.
The Q1 earnings announcement scheduled for Tuesday represents a critical milestone. Wall Street forecasts anticipate revenue near $125 million, marking approximately 12.6% growth from the $111.1 million reported in the corresponding quarter last year.
This would represent meaningful progress following the 3.6% revenue decline recorded in Q1 2025. The figures indicate the core software operations continue to demonstrate positive momentum.
Analyst Loss Projections Show Wide Variation
Profitability estimates tell a more complicated story. Analyst forecasts for per-share losses vary considerably, ranging from $3.41 according to Zacks to $27.33 based on Yahoo Finance consensus. Another projection places the loss at $18.98 per share.
This substantial variation stems from the intricacies of Strategy’s Bitcoin mark-to-market accounting methodology, which produces significant fluctuations in reported results based on BTC price changes throughout the quarter.
The company’s STRC preferred shares have attracted increasing attention. STRC provides an 11.5% annualized dividend yield and maintains a designed trading value close to $100.
STRC Dividend Sustainability Questioned
Some observers have raised concerns about the dividend framework. Joseph Parrish, writing on Seeking Alpha on April 28, suggested existing cash reserves might fall short of covering two years worth of STRC dividend obligations. His rating for MSTR stands at “Hold.”
Peter Schiff escalated his criticism on Sunday, reiterating his position that STRC bears characteristics of a Ponzi scheme. “Gambling that Bitcoin will rise by more than 11.5% a year does not change the Ponzi like structure of STRC,” he wrote on X.
Alternative viewpoints exist among market professionals. TipRanks data reveals a consensus “Strong Buy” recommendation on MSTR from Wall Street analysts.
Strategy has evolved beyond traditional software company metrics. The market now evaluates it primarily as a Bitcoin investment vehicle, which means Tuesday’s earnings will likely be assessed based on the effectiveness of Saylor’s capital formation strategy rather than conventional operational metrics.
Saylor has a speaking engagement scheduled at the Consensus conference in Miami Beach on Wednesday.
