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MicroStrategy, now operating under the name Strategy, has temporarily paused its Bitcoin (BTC) purchases, executive chairman Michael Saylor said. The decision comes just days before the company’s Q1 2026 earnings report, scheduled for May 5, interrupting what had been a consistent, near-weekly Bitcoin accumulation strategy throughout much of 2026.
The pause follows a quarter marked by volatility in which Bitcoin fell more than 20%. Despite the downturn, Strategy continued to expand its holdings, acquiring approximately 89,600 BTC for $5.5 billion during Q1. The purchase is described as the company’s second-largest quarterly Bitcoin acquisition to date.
Strategy currently holds 818,334 BTC, valued at about $64.44 billion, with an average acquisition cost of $75,532 per coin. Based on those figures, the company has a modest unrealized gain of roughly 4.23%.
Investors are focused on the upcoming earnings release. Analysts predict revenue of roughly $120 million. Expectations also point to a GAAP loss, largely attributed to mark-to-market accounting tied to Bitcoin’s price decline.
Zacks Investment Research estimates earnings per share (EPS) of -$3.41, an improvement versus the -$16.49 reported in the same quarter last year. Other broader estimates, however, suggest deeper losses.
Another key issue is Strategy’s evolving funding approach. The company is increasingly relying on its Stretch (STRC) preferred share program instead of issuing common stock. The preferred shares carry an 11.5% dividend, but they have recently traded below par, which has raised concerns among critics about potential dilution and refinancing risks if Bitcoin prices continue to weaken.
The earnings call, scheduled to stream across Zoom, X, and YouTube, is expected to shed light on whether Strategy resumes its Bitcoin buying strategy or maintains a more cautious, yield-driven approach in the near term.
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