The strategy is to pause buying Bitcoin.
Michael Saylor said on Sunday that the company will not increase its Bitcoin holdings this week, pausing its regular purchasing plan ahead of its first-quarter earnings report on Tuesday.
“Not buying this week. Back to work next week,” Saylor wrote on X.
No purchases this week. Back to work next week. $BTCpic.twitter.com/lqliYZPAf4
— Michael Saylor (@saylor)May 3, 2026
This is the second time this year that Strategy (formerly MicroStrategy) has paused its Bitcoin purchases. The company has become the largest publicly traded Bitcoin asset manager and one of the most prominent representatives of institutional Bitcoin investment. Its previous pause in weekly purchases occurred during the week of March 23 to 29.
The current strategy holds 818,334 bitcoins, equivalent to nearly 3.9% of Bitcoin’s fixed supply of 21 million. The company most recently purchased 3,273 bitcoins at an average price of $77,906 per coin. As of early Monday Asian trading, Bitcoin was trading near $80,100 per coin, up approximately 20% from last month.
This pause appears minor, but it occurred ahead of Strategy's announcement of first-quarter earnings on Tuesday, with some Wall Street analysts expecting a loss of $18.98 per share.
Strategy is forecast to generate approximately $125 million in revenue for the first quarter. Yahoo Finance data shows that, based on estimates from six analysts, revenue is expected to increase by about 12.6% compared to $111.1 million in the same period last year. This represents an improvement over the 3.6% decline seen year-over-year, indicating that despite the company now being almost entirely tied to Bitcoin, its core software business continues to grow steadily.
However, profits are expected to decline. According to Yahoo Finance, the average expected loss for the March quarter is $27.33 per share. Zacks Research data forecasts an upcoming loss of $3.41 per share.
The value of Strategy today lies not in it being a software company that holds a Bitcoin position, but in it being a Bitcoin financing vehicle that happens to also provide business intelligence software. This means that the report released on Tuesday may depend more on whether Saylor’s financing mechanism can continue to operate than on its actual operational performance.
One of the most anticipated products is STRC, a perpetual preferred stock designed to trade near $100 while paying variable monthly dividends, currently offering an annualized yield of approximately 11.5%.
The product’s key selling point is that its returns are backed by the strategy’s balance sheet and a capital strategy involving substantial Bitcoin investments, but a persistent issue is that if market sentiment shifts, the product may appear less like a stable income source and more like a credit risk.
The rise in Bitcoin's price has supported the valuation of this strategy, enhancing its ability to raise capital, which in turn funds further Bitcoin purchases. However, when market sentiment weakens, the same structure becomes more vulnerable.
Syle said that buying pressure will resume next week, but Tuesday’s earnings report will show how much confidence investors still have in the mechanism to achieve this goal.