Michael Saylor announced Sunday that his company Strategy would not add to its bitcoin holdings this week, pausing its regular purchase program ahead of Tuesday's first-quarter earnings release. However, an 8-K filing Monday revealed the firm raised $82 million through common stock sales — with no corresponding bitcoin purchases disclosed.
“No buys this week. Back to work next week,” Saylor wrote on X. This marks only the second skip this year for Strategy, formerly MicroStrategy, which now holds 818,334 BTC — nearly 3.9% of bitcoin's fixed 21 million supply. Its most recent buy added 3,273 BTC at an average price of $77,906. BTC traded near $80,100 in Asian morning hours Monday, up about 20% over the past month.
Earnings expectations diverge sharply
Strategy is due to report Q1 results Tuesday. According to Yahoo Finance data from six analysts, revenue is expected around $125 million, up 12.6% year-over-year, signaling a modest software business recovery. But bottom-line estimates vary wildly: Yahoo's average predicts a loss of $27.33 per share, Zacks Research points to a loss of $3.41 per share, and some Wall Street analysts forecast a loss of $18.98 per share.
The firm is no longer valued as a software company with a bitcoin position. Instead, investors judge it as a bitcoin-financing vehicle. Tuesday's report will likely be judged more on the durability of Saylor's capital-raising machine than on true operating performance.
STRC perpetual preferred: yield meets credit risk
A product drawing attention is STRC, a perpetual preferred share designed to trade near $100 while paying a variable monthly dividend — currently around 11.5% annualized. The pitch is yield backed by Strategy's balance sheet and bitcoin-heavy capital strategy. But if market sentiment turns, the product can shift from stable income to credit risk.
Higher bitcoin prices support Strategy's valuation, which improves its ability to raise capital and fund more purchases. Conversely, when sentiment weakens, the same structure grows more fragile.
Saylor says buying resumes next week. But Tuesday's earnings will show how much confidence investors still have in the machinery that makes that possible. The company raised $82M in dry powder yet held fire — a silence that speaks volumes.