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MicroStrategy, now operating under the name Strategy, has temporarily paused its Bitcoin (BTC) purchases, according to executive chairman Michael Saylor. This break comes just days before the company’s highly anticipated Q1 2026 earnings report scheduled for May 5. The decision interrupts what had been a consistent, near-weekly Bitcoin accumulation strategy throughout much of 2026.
The pause follows a volatile quarter in which Bitcoin experienced a significant price correction, dropping more than 20%. Despite the downturn, Strategy continued to aggressively expand its holdings, acquiring approximately 89,600 BTC for $5.5 billion during Q1. This marks the company’s second-largest quarterly Bitcoin purchase to date. As of now, Strategy holds an impressive 818,334 BTC, valued at around $64.44 billion, with an average acquisition cost of $75,532 per coin. This leaves the firm with a modest unrealized gain of about 4.23%.
Investors are closely watching the upcoming earnings release, where analysts predict revenue of roughly $120 million. However, expectations point to a GAAP loss, largely driven by mark-to-market accounting tied to Bitcoin’s price decline. Forecasts from Zacks Investment Research estimate an earnings per share (EPS) of -$3.41, an improvement compared to the -$16.49 reported in the same quarter last year, though broader estimates suggest deeper losses.
Another key focus is Strategy’s shift in funding approach. The company is increasingly relying on its Stretch (STRC) preferred share program instead of issuing common stock. These preferred shares offer an 11.5% dividend but have recently traded below par, raising concerns among critics about potential dilution and refinancing risks if Bitcoin prices continue to weaken.
The earnings call, set to stream across Zoom, X, and YouTube, will likely provide insights into whether Strategy resumes its Bitcoin buying strategy or maintains a more cautious, yield-driven approach in the near term.
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