Strategy Pauses Bitcoin Buying Ahead of Q1 Earnings as Analysts Flag Preferred-Stock Risk 

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Strategy has temporarily suspended its weekly Bitcoin purchases ahead of its first-quarter earnings release on Tuesday, with analysts projecting a per-share loss and investors increasingly focused on how the company raises capital rather than on its underlying software business. 

Only the Second Buying Pause of 2026

Michael Saylor announced Sunday on X that the company would skip its regular Bitcoin acquisition this week. “No buys this week. Back to work next week,” he wrote. The halt marks only the second such pause this year for Strategy, formerly known as MicroStrategy. The previous skip covered the week of March 23 to March 29.

Strategy currently holds 818,334 BTC as of its most recent disclosure, representing approximately 3.9% of Bitcoin’s maximum supply of 21 million coins. The company’s most recent purchase added 3,273 BTC at an average price of $77,906 per coin. Bitcoin was trading near $80,100 during Asian morning hours on Monday, up roughly 20% over the past 30 days.

Q1 Results Expected to Show Higher Revenue, Deeper Losses

Tuesday’s earnings report is expected to reflect a mixed financial picture. According to Yahoo Finance data compiled from six analysts, Strategy is projected to report first-quarter revenue of approximately $125 million, a gain of roughly 12.6% from $111.1 million in the same period a year earlier. That would represent a turnaround from the prior year’s quarter, when revenue declined 3.6%.

Earnings estimates diverge significantly across research firms. Yahoo Finance’s consensus points to an average loss of $27.33 per share for the March quarter, while Zacks Research projects a loss of $3.41 per share. 

Analyst Focus Shifts From Software Revenue to Capital Structure

Several analysts have begun describing Strategy primarily as a Bitcoin-financing vehicle, with its software business playing a smaller role in how the company is valued. That shift in perception means Tuesday’s results are likely to be judged on the resilience of Saylor’s capital-raising apparatus rather than on traditional operating metrics.

One instrument drawing attention ahead of the report is STRC, a perpetual preferred share designed to trade near $100 and pay a variable monthly dividend currently running at approximately 11.5% annualized. The product is marketed as yield backed by Strategy’s balance sheet and Bitcoin holdings. However, at least one analyst has flagged that STRC may begin to behave more like credit risk than stable income if Bitcoin sentiment weakens. 

Higher Bitcoin prices strengthen the company’s balance sheet, improving its ability to raise capital, which in turn funds further Bitcoin acquisitions. When sentiment weakens, the same dynamic works in reverse, putting pressure on the structure at the same time investor confidence is falling. 

Saylor Confirms Buying Will Resume Next Week

Saylor has confirmed that buying will resume next week. Wall Street expects a quarterly loss, and analysts have raised questions about the stability of Strategy’s preferred-stock funding model. Tuesday’s report is expected to provide a clearer view of how investors are responding

One metric to watch closely is management commentary on STRC demand: Any signal that STRC uptake is softening, or that its variable dividend is failing to attract yield-seeking buyers, would raise immediate questions about the capital-raising structure. Strategy depends on that demand to fund future Bitcoin purchases.