The company recently bought 3,273 BTC for $255 million, bringing its total holdings to 818,334 BTC. Analysts expect a quarterly loss of $19 per share, largely due to mark-to-market accounting on its Bitcoin holdings. Despite these risks, analyst sentiment on the stock is still broadly positive. Saylor Pauses Bitcoin Buys Michael Saylor announced that Strategy is pausing its Bitcoin accumulation this week. The announcement was shared on X with a simple “No buys this week,” and it comes just ahead of the firm’s upcoming quarterly earnings report. The company’s most recent acquisition occurred between April 20 and April 26, when it bought 3,273 BTC for approximately $255 million. This addition brought its total holdings to 818,334 BTC, which was accumulated at an average purchase price just below $78,000 per coin. With Bitcoin trading close to that level , the company’s position is still highly sensitive to short-term price fluctuations, especially given its accounting approach. Strategy uses mark-to-market accounting for its Bitcoin holdings, which means that unrealized gains or losses are reflected directly in earnings reports, contributing to expected volatility in its financial results. BTC’s price action over the past week (Source: CoinCodex) Analysts anticipate that the upcoming earnings release will reveal a quarterly loss of almost $19 per share. This is slightly wider than the loss reported in the same period a year earlier. The projected decline is mostly attributed to the accounting treatment of Bitcoin rather than operational weakness, but it is attracting a lot of scrutiny from investors and analysts. Beyond earnings, attention also turned to Strategy’s financial structure, particularly its reliance on STRC, a perpetual preferred security offering an 11.5% dividend yield. Critics argue that maintaining such a high yield may prove unsustainable without continued capital inflows or favorable Bitcoin price appreciation. Peter Schiff recently reiterated his long-standing criticism, and labeled the structure as overly dependent on optimistic Bitcoin performance assumptions. Even more concerns have been raised by people who suggest that the company’s current cash reserves may not be enough to sustain dividend payments over the long term. This could potentially force Strategy to issue more equity or liquidate assets, increasing financial risk if Bitcoin underperforms expectations. Despite these concerns, market sentiment is still relatively optimistic. Consensus ratings from analysts still lean toward a “Strong Buy,” due to confidence in the company’s long-term Bitcoin strategy, even as short-term risks and structural questions are popping up.
