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Strategy, the world’s biggest public Bitcoin holder, is taking a break from crypto purchases as the company prepares for its first-quarter earnings report, scheduled for Tuesday.
On Sunday, Executive Chairman Michael Saylor said on X: “No buys this week,” indicating the company will not add to its Bitcoin holdings ahead of the earnings release.
In its most recent purchase, Strategy acquired 3,273 Bitcoin for $255 million between April 20 and 26, according to an 8-K filing with the U.S. Securities and Exchange Commission on April 27.
Strategy now holds 818,334 BTC, bought at an average price of $77,906 per coin. This raises the company’s cost basis to $75,537.
Bitcoin, the largest cryptocurrency by market capitalization, last traded on Sunday at $78,787.08, according to CoinGecko data.
Strategy’s purchases during April, along with U.S. spot Bitcoin exchange-traded fund inflows, helped push Bitcoin up 12% during the month.
Wall Street analysts expect Tuesday’s earnings report to show a loss of $18.98 per share, largely tied to management’s mark-to-market Bitcoin accounting. That would compare with a year-earlier quarterly loss of $16.49 per share, according to Yahoo Finance data.
On Wednesday, Saylor is scheduled to speak at the Consensus industry conference in Miami Beach, Florida.
Some stock watchers have raised concerns about Strategy’s reliance on STRC, the company’s perpetual preferred security, particularly because it offers an 11.5% dividend yield.
Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management, who has previously called Strategy a “Ponzi scheme,” repeated the allegation on Sunday, arguing that the structure does not change despite Bitcoin price assumptions.
“Gambling that Bitcoin will rise by more than 11.5% a year does not change the Ponzi like structure of STRC,” he said in a post on X.
Additional concern was raised by Seeking Alpha blogger Joseph Parrish, who wrote in an April 28 post that Strategy’s current cash reserves are insufficient to cover two years of STRC dividends. Parrish said this could ultimately require continued sales of Strategy’s common stock, increasing investor risk if Bitcoin underperforms.
Parrish rated the company stock, which trades under the MSTR ticker, as a “Hold,” citing increased leverage, uncertain catalysts, and challenging risk management despite a lower stock price.
His view contrasts with other analysts, as TipRanks shows a consensus “Strong Buy” rating on Strategy’s Nasdaq-listed shares.
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