[DigitalToday reporter Yoonseo Lee] Strategy, the world's largest corporate holder of bitcoin (BTC), has halted additional bitcoin purchases ahead of its first-quarter earnings release on May 5 (local time).

On May 3, blockchain outlet BeInCrypto reported that Chairman Michael Saylor (마이클 세일러), who leads Strategy, said there would be no bitcoin purchases this week and that he would resume buying next week.

The decision temporarily pauses Strategy's de facto weekly bitcoin accumulation this year. The company's streak of consecutive purchases has drawn attention again after its 13-week buying run ended in late March.

Market focus is on the earnings release and its financing structure rather than the pause alone. Strategy currently holds 818,334 BTC. The holdings are valued at $64.44 billion, and the average purchase price is $75,532 per coin. As of now, its unrealised return is 4.23 percent.

Still, there is a strong possibility that the first quarter will reflect bitcoin's price correction directly in results. Strategy bought about 89,600 BTC last quarter for $5.5 billion. It was the company's second-largest quarterly purchase on record. Over the same period, bitcoin's price fell more than 20 percent.

Market attention is on results and the STRC preferred share programme. Wall Street expects first-quarter revenue of about $120 million and is also projecting a GAAP loss due to the effects of mark-to-market accounting for bitcoin. U.S. investment firm Zacks presented a consensus earnings per share estimate of minus $3.41, and Strategy reported $14.5 billion in unrealised losses in its first-quarter GAAP report.

Investors are particularly focused on the STRC preferred share programme. Strategy has recently stepped back from fundraising through at-the-market common stock sales and is making STRC a key driver. The preferred shares offer an 11.5 percent dividend and have recently traded below par value.

Market assessments of the structure are mixed. Economist Peter Schiff criticised STRC, saying it could increase dilution and refinancing risks. He said Strategy Chief Executive Phong Le (퐁 레) countered by calling STRC "transparent", but he argued the structure was very blatant. Phong Le, meanwhile, stated that "the STRC structure is transparent, and the company's direction is clear."

Ultimately, the key issues for this earnings release are whether Strategy resumes additional bitcoin purchases and its financing priorities. Strategy will hold its earnings conference call on May 5 on Zoom, X (formerly Twitter) and YouTube. The market is watching whether bitcoin buying resumes next week or whether a yield-focused preferred share strategy takes priority.

No buys this week. Back to work next week. $BTC pic.twitter.com/lqliYZPAf4