Strategy Inc, the corporate bitcoin behemoth formerly known as MicroStrategy, took a breather from its aggressive bitcoin accumulation last week, marking the first pause in a three-month buying frenzy that saw the company add over 100,000 tokens to its treasury. The halt comes just ahead of the company's first-quarter earnings report, scheduled for release after U.S. markets close on Tuesday.
According to a regulatory filing dated May 4, the company did not purchase any bitcoin during the week ending May 3, leaving its total holdings unchanged at 818,334 bitcoin. The average acquisition price for the entire stash stands at $75,537 per coin. Executive Chairman Michael Saylor confirmed the pause in a social media post: "No buys this week. Back to work next week."
The buying spree, which ran from early February through late April, saw Strategy spend over $7.5 billion to acquire 103,690 bitcoin. That amount represents roughly 0.5% of bitcoin's capped supply of 21 million coins, underscoring the company's dominant position as the largest publicly traded holder of the cryptocurrency.
The timing of the pause is notable, as it coincides with the quiet period before Strategy's earnings announcement. TheStreet has suggested that compliance restrictions—specifically rules prohibiting trading on material nonpublic information ahead of earnings—may have played a role, though the company has not confirmed this explanation.
Despite the pause, Strategy continued to raise capital through its at-the-market (ATM) equity program. The company sold 492,210 Class A shares during the week, netting approximately $82 million. No sales of its preferred stock series—STRF, STRC, STRK, or STRD—were reported. In the prior week, Strategy had purchased 3,273 bitcoin for $255 million, or about $77,906 per coin, using proceeds from its common stock sales.
The company's bitcoin holdings dwarf those of other publicly traded firms. BitcoinTreasuries.net ranks Twenty One Capital second with 43,514 bitcoin, followed by Metaplanet (40,177) and MARA Holdings (38,689).
Strategy's stock (MSTR) rose 2.1% to $187.60 on Monday, while bitcoin itself gained 3.5% to trade near $81,272. The stock has increasingly traded as a leveraged proxy for bitcoin, with its earnings report expected to reflect both the performance of its core software business and the impact of bitcoin's price swings.
The company's funding model relies heavily on its variable-rate perpetual preferred stock (STRC), which carries an 11.50% annual dividend paid monthly in cash. K33 Research Head Vetle Lunde has noted that this model performs best in strong markets, depending on STRC trading near its $100 par value and MSTR above net asset value. Benchmark analyst Mark Palmer, however, defends the strategy as "deliberate and durable," arguing it channels yield-seeking investor demand into long-term bitcoin positions.
The risk remains that a sustained decline in bitcoin's price could pressure Strategy's stock and push STRC below par, potentially tightening the company's access to cheap equity-like financing. While this would not force an immediate sale of bitcoin, it would raise the stakes for the company's next "back to work" week.
