MicroStrategy paused sales of all four of its preferred-share classes for a week between April 27 and May 3, bringing its Bitcoin buying spree to a temporary halt. The move cut off the main funding stream the company had used to add billions in BTC earlier in the month.
No Bitcoin buys this week
The company raised $82 million from MSTR common stock sales during that period but didn't put any of it into Bitcoin. Executive Chairman Michael Saylor announced on social media May 3 that no purchases would happen that week, with activity expected to resume the following week. Combined available capacity across the preferred-share classes still exceeds $27 billion, and the common-stock program has more than $26.4 billion left.
How preferred shares fueled April purchases
Preferred shares funded $2.18 billion of MicroStrategy's $2.54 billion Bitcoin purchase between April 13 and April 19. Common stock contributed just $366 million. The halt — covering all four classes (STRF, STRC, STRK, STRD) — effectively shut off the company's biggest gun for that week. It's not clear why the pause happened, but the timing lined up with a period of heavy issuance earlier in April.
Still sitting on billions in paper gains
MicroStrategy holds 818,334 Bitcoin at an average cost of $75,532 per coin. At current prices around $78,967, the position shows roughly $2.7 billion in unrealized gains. That's a cushion, but the company has also been leaning on share sales rather than debt in recent weeks.
Earnings on deck
Wall Street expects MicroStrategy's Q1 2026 earnings to show a loss of $0.86 per share on $123 million in revenue. That would be a sharp narrowing from the prior-year quarter's $16.49 per share loss. The report, due later this month, will give investors the first full look at how the company's aggressive Bitcoin strategy is affecting the bottom line.
