Key Takeaways
- Strategy temporarily halted its Bitcoin acquisition program this week before releasing Q1 earnings on Tuesday
- The firm’s Bitcoin treasury contains 818,334 BTC, representing approximately 3.9% of Bitcoin’s circulating supply
- Analyst projections for Q1 show per-share losses ranging from $3.41 to $27.33
- Anticipated revenue stands at approximately $125 million, reflecting a ~12.6% year-over-year increase
- Questions surrounding Strategy’s STRC preferred stock and its 11.5% dividend yield continue to intensify
Michael Saylor revealed on Sunday that Strategy would halt Bitcoin acquisitions for the current week. In a post on X, he stated: “No buys this week. Back to work next week.”
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 interruption in the company’s buying activity throughout 2025. Strategy previously suspended weekly purchases during the March 23–29 period.
The company’s last Bitcoin transaction occurred during the April 20–26 window, when Strategy acquired 3,273 BTC for $255 million at an average cost of $77,906 per Bitcoin. This information was made public through an 8-K filing submitted to the SEC on April 27.
Strategy’s current Bitcoin holdings total 818,334 BTC. Bitcoin was priced near $80,100 Monday morning, representing approximately a 20% increase over the past 30 days.
With an average acquisition cost of $75,537 per Bitcoin, Strategy maintains an unrealized profit based on present market valuations.
The upcoming Q1 earnings announcement on Tuesday represents a critical milestone. Analyst consensus anticipates revenue reaching approximately $125 million, marking a 12.6% increase compared to the $111.1 million reported during the equivalent quarter last year.
This projection would demonstrate meaningful progress following the 3.6% revenue decline recorded in Q1 2025, indicating that the core software operations continue generating positive momentum.
Understanding the Projected Losses
Profitability forecasts present a more complicated picture. Per-share loss estimates vary considerably across different sources, spanning from $3.41 according to Zacks to $27.33 based on Yahoo Finance’s consensus. An additional projection places the anticipated loss at $18.98 per share.
This substantial variance stems from the intricacies of Strategy’s Bitcoin accounting methodology, which uses mark-to-market valuation that can produce significant fluctuations in reported results based on cryptocurrency price volatility throughout the reporting period.
Meanwhile, Strategy’s STRC preferred stock continues attracting significant attention. STRC provides an annualized 11.5% dividend yield and is structured to maintain a value close to $100.
Dividend Sustainability Questions Emerge
Some market observers have expressed concerns regarding the dividend framework. Joseph Parrish, in an April 28 analysis published on Seeking Alpha, suggested that existing cash holdings might be insufficient to sustain STRC dividends beyond a two-year timeframe. His overall assessment assigns MSTR a “Hold” rating.
Peter Schiff escalated criticism on Sunday, reiterating his position that STRC exhibits characteristics of a Ponzi structure. “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.
However, these skeptical views aren’t universally shared. TipRanks data indicates Wall Street analysts maintain a consensus “Strong Buy” recommendation on MSTR.
Strategy has evolved beyond traditional software company metrics. Market participants now evaluate it primarily as a Bitcoin investment vehicle, suggesting Tuesday’s financial results will be assessed more on the effectiveness of Saylor’s capital deployment strategy than conventional operational metrics.
Saylor has also confirmed his participation as a speaker at the Consensus conference taking place in Miami Beach on Wednesday.
