Michael Saylor indicated that Strategy will make no Bitcoin (BTC) purchases this week. The break comes two days before the firm reports first-quarter (Q1) 2026 earnings on May 5.

The pause lands during MicroStrategy’s first sharp quarterly Bitcoin drawdown of the cycle. The company is also shifting funding toward preferred equity rather than common-stock dilution.

MicroStrategy Bitcoin Pause Aligns With Earnings Window

The break ends a .

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Strategy now holds 818,334 BTC worth $64.44 billion at an average cost of $75,532 per coin, a 4.23% unrealized gain.

Q1 still saw aggressive accumulation. MicroStrategy added roughly 89,600 BTC for $5.5 billion last quarter, the second-largest quarterly purchase in company history. Bitcoin fell more than 20% during the same period.

Earnings Will Test the STRC Pivot

Meanwhile, Wall Street expects Q1 revenue near $120 million and a GAAP loss driven primarily by mark-to-market Bitcoin accounting.

Zacks pegs consensus EPS at negative $3.41, while broader analyst aggregates show much deeper losses .

“According to Zacks Investment Research, based on 1 analysts’ forecasts, the consensus EPS forecast for the quarter is $-3.41. The reported EPS for the same quarter last year was $-16.49,” Nasdaq reported.

Investors will track the since Strategy stepped back from common-stock at-the-market offerings.

The shares pay an 11.5% dividend and recently traded below par. Critics including Peter Schiff argue the structure introduces dilution and refinancing risk if Bitcoin extends lower.

The May 5 call airs at 5 p.m. ET on Zoom, X, and YouTube. Investors will watch whether buying resumes next week or whether yield-focused discipline now takes priority.