Saylor and MicroStrategy pause Bitcoin buys: What’s next for BTC?

Why is MicroStrategy halting its BTC purchases?

The announcement caught the markets by surprise: Michael Saylor confirmed on X that there would be “no purchases this week”. Indeed, this strategic pause comes right before the presentation of the Q1 2026 financial results, scheduled for tomorrow, May 5, 2026.

This interruption is driven by concrete financing constraints. The company’s STRC preferred shares are currently trading below their $100 par value, making their 11.5% yield less attractive. Furthermore, MicroStrategy has suspended its at the market (ATM) sales of MSTR stock ahead of its earnings call.

Despite this pause, the company’s war chest remains colossal. MicroStrategy currently holds 818,334 BTC, acquired at an average price of $75,537. Although the market suffered a sharp correction in February, the overall portfolio has returned to profit, confirming the strength of their accumulation strategy.

Criticism intensifies ahead of Q1 earnings

MicroStrategy’s aggressive approach is not without risk, and detractors are taking advantage of this lull to step up to the plate. Peter Schiff, a long time critic of Bitcoin, recently labeled the STRC program a “Ponzi”, pointing to the financial obligations of a company lacking major operational revenue.

Moreover, the Q1 results are expected to show heavy accounting losses. The reason? The violent retracement of Bitcoin, which plunged to $62,000 in February. Even though the price has since started a new rally to stabilize around $79,700, accounting rules force the company to record these fluctuations as unrealized losses.

However, CEO Phong Le firmly defended the transparency of the program, reminding everyone that the assets are verifiable on the blockchain. The bearish pressure on MSTR stock remains palpable, but institutional investors are keeping a close eye on the announced resumption of purchases as early as next week.

Can the price of Bitcoin explode after May 5?

The temporary absence of the largest institutional buyer is being felt on the order books. Bitcoin is currently struggling to break through the psychological resistance of $80,000, stuck in a consolidation zone despite multiple Breakout attempts.

In fact, Taiki Meida based his bullish thesis on Saylor’s potential purchases. According to him, he could buy between $2 and $3 billion worth of BTC over the next 2 weeks. However, since his message, Saylor has put a damper on this theory.

But if the May 5 results reassure Wall Street and Michael Saylor restarts the buying machine, the market could experience a new bullish impulse. Whales continue to accumulate in silence, and exchange reserves are at an all time low, creating an explosive cocktail for liquidity.

Tomorrow, May 5, after the market closes, Strategy will publish its Q1 2026 results. For now, analysts anticipate software revenue around $120 to $125 million (+10% to 12% YoY), in line with the modest growth of its legacy business. On the other hand, net income will be massively negative, with a consensus EPS between -$3.41 and -$20 depending on the sources, due to mark to market accounting rules on Bitcoin.

The key takeaway is an unrealized loss of approximately $14.5 billion linked to the February BTC correction. Indeed, even if the portfolio has recently returned to an overall profit, GAAP standards require companies to record quarterly declines.

In summary, the accounting losses will be massive, but they are expected. Investors will primarily look at the strength of the Bitcoin treasury, the BTC yield per share, and the resumption of purchases (if there are any left in May). An earnings beat or a bullish speech from Saylor could reignite MSTR and BTC; a disappointment regarding financing would do the opposite.

Will MicroStrategy’s return to the market be enough to trigger a massive Bull run and propel BTC toward a new ATH? The coming days promise to be decisive for the queen of cryptocurrencies, and volatility is likely to be on the menu.

Sources:

• Wise Crypto
• Taiki Meida
• BeInCrypto

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