Michael Saylor confirmed Sunday via social media that Strategy (formerly MicroStrategy) made no Bitcoin purchases during the week of April 27 to May 3, posting simply: 'No buys this week. Back to work next week.' The pause is only the second this year for the largest publicly traded Bitcoin treasury company, which last skipped a weekly purchase during the week of March 23-29 ahead of its Q4 2025 earnings report.
Strategy's total Bitcoin holdings stand at 818,334 BTC with an aggregate acquisition cost of approximately $61.8 billion and an average cost basis near $75,537 per coin. At Bitcoin's current price of $78,789, the unrealized gain on the treasury is approximately $2.6 billion, representing a 4.3% return on invested capital. The position represents roughly 4% of Bitcoin's total circulating supply of 19.8 million coins.
Earnings Preview
Strategy reports Q1 2026 earnings Tuesday after the close. Wall Street expects revenue of $121 million from the legacy analytics software business, but the real focus will be on Saylor's Bitcoin treasury strategy updates: the planned pace of future purchases, the status of the $21 billion ATM equity offering program (of which roughly $8.2 billion remains undrawn), and the company's plans for its preferred share instruments. MSTR shares traded 1.2% lower Monday at $394.
Bitcoin Market Context
The purchase pause comes amid a period of Bitcoin price consolidation. BTC briefly topped $80,000 on Monday before pulling back to $78,789, up 17% over the past month but still well below the $84,200 mid-April high. Institutional flows into regulated products remain positive: U.S. spot Bitcoin ETFs recorded $1.8 billion of net inflows last week, led by BlackRock's IBIT with $620 million.
Outlook
Saylor's 'back to work next week' comment suggests the pause is tactical rather than strategic. Bernstein analyst Gautam Chhugani maintained his Outperform rating with a $550 price target, noting that 'the purchase cadence matters less than the directional commitment, which remains unambiguous.' Strategy's Q1 earnings call will also likely address whether the company plans to seek inclusion in the S&P 500 index, which would trigger an estimated $12-15 billion of passive buying in