Strategy has decided to take a temporary break from purchasing bitcoin. On Sunday, Michael Saylor announced that the company would not be adding to its bitcoin holdings for the current week, thereby pausing its regular purchase program ahead of the release of its first-quarter earnings on Tuesday.
Saylor stated, "No buys this week. Back to work next week." This pause marks only the second instance this year for Strategy, previously known as MicroStrategy, which has established itself as the largest publicly traded company with a bitcoin treasury and a closely watched proxy for institutional bitcoin exposure.
The company had previously skipped a weekly purchase during the week of March 23 to March 29. Currently, Strategy holds 818,334 BTC, which is equivalent to nearly 3.9% of the total bitcoin supply of 21 million. Its most recent purchase consisted of 3,273 BTC at an average price of $77,906 per bitcoin. As of Monday morning in Asia, BTC was trading near $80,100, representing a 20% increase over the past month.
Although the pause may seem insignificant, it comes ahead of Strategy's first-quarter results on Tuesday, with some Wall Street analysts anticipating a loss of $18.98 per share. According to data from Yahoo Finance, which compiled estimates from six analysts, Strategy is expected to report first-quarter revenue of approximately $125 million, representing a 12.6% increase from $111.1 million in the same quarter last year. This would indicate an improvement from the same quarter last year, when sales declined by 3.6%, suggesting that the underlying software business is still experiencing growth, despite the company's identity being closely tied to bitcoin.
However, earnings are expected to be lower. According to Yahoo Finance, the average estimate for the March quarter is a loss of $27.33 per share, while Zacks Research data points to an expected loss of $3.41 per share for the upcoming release.
Strategy is no longer viewed as a software company with a bitcoin position, but rather as a bitcoin financing vehicle that also provides business intelligence software. As a result, Tuesday's report may be judged more on the resilience of Saylor's capital-raising strategy and less on the company's true operating performance. One product that has drawn attention is STRC, a perpetual preferred share designed to trade near $100 while paying a variable monthly dividend, currently around 11.5% annualized.
The product is backed by Strategy's balance sheet and bitcoin-heavy capital strategy, but there is a concern that it may start to resemble credit risk rather than stable income if market sentiment shifts. Higher bitcoin prices support Strategy's valuation, enhancing its ability to raise capital and fund additional bitcoin purchases. However, when market sentiment weakens, the same structure becomes more fragile.
Saylor has confirmed that buying will resume the following week, but Tuesday's earnings will reveal the level of confidence investors still have in the machinery that makes this possible. According to Monday's 8-K filing, the company raised $82 million through the sale of common stock, although no corresponding bitcoin purchases were disclosed. UPDATE (May 4, 2026, 15:15 UTC): Information about the company raising $82 million has been added.