Key Takeaways
- Strategy has temporarily suspended Bitcoin acquisitions this week in advance of Tuesday’s Q1 earnings release
- The firm’s Bitcoin treasury stands at 818,334 BTC, representing approximately 3.9% of the cryptocurrency’s total circulating supply
- Analyst consensus points to a quarterly per-share loss ranging from $3.41 to $27.33
- First-quarter revenue projections hover around $125 million, reflecting roughly 12.6% growth versus last year
- The STRC preferred share dividend yield of 11.5% is attracting increased scrutiny and debate
In a Sunday announcement, Michael Saylor revealed that Strategy would take a break from Bitcoin purchasing activity this week. “No buys this week. Back to work next week,” he communicated via his X platform account.
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 acquisition pattern for 2025. Previously, Strategy abstained from weekly purchases during the March 23–29 timeframe.
The company’s latest Bitcoin transaction occurred during the April 20–26 window, acquiring 3,273 BTC for approximately $255 million at an average purchase price of $77,906 per token. This transaction was formally documented in an SEC 8-K filing submitted on April 27.
Strategy’s aggregate holdings have reached 818,334 BTC. Bitcoin was valued near $80,100 during Monday morning trading, representing approximately 20% appreciation over the trailing 30-day period.
With an average acquisition cost of $75,537 per Bitcoin, Strategy currently maintains an unrealized profit position at prevailing market rates.
The spotlight shifts to Tuesday’s first-quarter financial disclosure. Analyst projections anticipate revenues near $125 million, marking approximately 12.6% growth compared to the $111.1 million reported during the corresponding quarter last year.
This projection signals positive momentum following a 3.6% revenue contraction in Q1 2025, indicating the core software operations continue demonstrating forward progress.
Divergent Loss Projections Explained
Profitability forecasts tell a more complicated narrative. Per-share loss estimates vary considerably across different analytical sources, spanning from $3.41 (according to Zacks) to $27.33 (based on Yahoo Finance consensus). An alternative projection estimates losses at $18.98 per share.
This substantial variance stems from the intricate nature of Strategy’s fair value accounting methodology for Bitcoin holdings, which can generate significant earnings volatility depending on cryptocurrency price fluctuations throughout the reporting period.
Meanwhile, the company’s STRC preferred equity instrument continues drawing heightened attention. STRC provides an annualized dividend yield of 11.5% and maintains a target trading value near $100.
STRC Dividend Sustainability Questions
Skeptics have raised concerns regarding the dividend framework’s viability. In an April 28 Seeking Alpha commentary, analyst Joseph Parrish suggested that existing cash positions may prove insufficient to fund STRC dividends beyond a two-year horizon. His current recommendation on MSTR shares is “Hold.”
Peter Schiff amplified his criticism Sunday, reiterating assertions that STRC exhibits Ponzi-like characteristics. “Gambling that Bitcoin will rise by more than 11.5% a year does not change the Ponzi like structure of STRC,” he stated on X.
Contrasting views persist within the analyst community. TipRanks data indicates Wall Street maintains a consensus “Strong Buy” recommendation on MSTR shares.
Market participants have fundamentally reframed their valuation approach toward Strategy, shifting away from traditional software company metrics. Instead, the investment thesis now centers on its function as a Bitcoin treasury and capital markets vehicle, suggesting Tuesday’s earnings will be evaluated primarily through the lens of Saylor’s financing strategy effectiveness rather than conventional operational metrics.
Saylor is also slated to present at the Consensus conference in Miami Beach on Wednesday.
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