Strategy (MSTR) Stock: Wall Street Braces for Q1 Earnings Amid Bitcoin Pause

Key Highlights

• Strategy has temporarily halted its Bitcoin acquisition program this week before reporting Q1 results on Tuesday
• The firm maintains ownership of 818,334 BTC, representing approximately 3.9% of Bitcoin’s entire circulating supply
• Analysts project a per-share loss ranging from $3.41 to $27.33 for the first quarter
• Expected revenue sits around $125 million, reflecting a ~12.6% increase year-over-year
• Questions surrounding Strategy’s STRC preferred share dividend yield of 11.5% are intensifying

Michael Saylor revealed on Sunday that Strategy would be taking a break from Bitcoin acquisitions this week. In a post on X, he stated: “No buys this week. Back to work next week.”

This marks just the second time in 2025 that Strategy has paused its regular purchasing activity. The previous interruption occurred during the week spanning March 23 through March 29.

The company’s latest Bitcoin acquisition took place during the April 20–26 period, when Strategy accumulated 3,273 BTC for a total investment of $255 million, averaging $77,906 per Bitcoin. This transaction was formally disclosed through an 8-K filing submitted to the SEC on April 27.

Strategy Inc, MSTR

Strategy’s cumulative holdings now stand at 818,334 BTC. Bitcoin was changing hands near $80,100 on Monday morning, representing an approximate 20% increase over the previous 30 days.

With an average acquisition cost of $75,537 per Bitcoin, Strategy currently holds an unrealized profit at present market valuations.

The focal point this week is Tuesday’s first-quarter earnings announcement. Financial analysts are projecting revenue of approximately $125 million, marking a 12.6% uptick from the $111.1 million reported during the corresponding quarter last year.

This would represent meaningful progress following a 3.6% revenue decline in Q1 2025, signaling that the core software operations continue to demonstrate positive momentum.

Understanding the Loss Projections

The earnings picture presents more complexity. Analyst forecasts for per-share losses vary considerably, spanning from $3.41 according to Zacks to $27.33 based on Yahoo Finance’s consensus. An additional estimate places the loss at $18.98 per share.

This substantial variance stems from the intricacies of Strategy’s mark-to-market Bitcoin accounting methodology, which can produce significant fluctuations in reported results depending on Bitcoin’s price trajectory throughout the reporting period.

Meanwhile, the company’s STRC preferred shares are attracting increased attention. STRC provides an 11.5% annualized dividend yield and is structured to maintain a value near $100.

STRC Dividend Faces Increased Examination

Skeptics have raised concerns about the dividend framework’s sustainability. In a Seeking Alpha article published April 28, blogger Joseph Parrish suggested that existing cash reserves might be insufficient to support STRC dividends for two years. His rating on MSTR is “Hold.”

However, opinions remain divided. TipRanks data indicates Wall Street analysts maintain a consensus “Strong Buy” recommendation on MSTR.

Strategy has fundamentally transformed from a traditional software company into what investors now view as a Bitcoin financing mechanism. Tuesday’s earnings will likely be evaluated primarily through the lens of Saylor’s capital allocation strategy rather than conventional operational metrics.

Saylor is also set to present at the Consensus conference in Miami Beach on Wednesday.

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