Strategy Halts Bitcoin Purchases Ahead of Earnings Report
- Strategy, formerly MicroStrategy, paused its bitcoin purchases this week, the second pause in 2023.
- The company currently holds 818,334 BTC, approximately 3.9% of bitcoin’s total supply.
- Its last acquisition was of 3,273 BTC at an average price of $77,906 per bitcoin.
- Analysts expect a loss of $27.33 per share for the upcoming earnings report on Tuesday.
- First-quarter revenue is projected to be around $125 million, up from $111.1 million a year earlier.
The pause in purchases comes as Strategy prepares to release its first-quarter earnings, which are anticipated to show improved revenue despite expected losses per share. This situation reflects the company’s shift towards being viewed primarily as a bitcoin financing vehicle rather than a traditional software firm.
With Strategy holding significant amounts of Bitcoin and facing scrutiny over its financial performance, Tuesday’s report will be crucial for investor confidence in its capital-raising capabilities.(Source)
