Michael Saylor's Strategy (formerly MicroStrategy) broke its weekly Bitcoin buying streak on May 3, 2026, reporting zero BTC acquisitions for the first time in a long period. The pause is attributed to technical difficulties with the company's primary financing vehicles.
Strategy currently relies on two capital-raising mechanisms: STRC (Stretch Preferred Stock), its flagship instrument with an 11.5% dividend yield, and MSTR ATM equity sales. STRC trades effectively only when above its $100 par value, but has remained below that threshold for two weeks, making capital raising unattractive. Meanwhile, the company chose not to overheat its stock price ahead of the Q1 2026 earnings call scheduled for May 5, after purchasing 3,273 BTC at the end of April.
This temporary inability to use its main lever has drawn sharp criticism from gold advocate Peter Schiff, who labeled STRC 'the most obvious Ponzi in history.' Schiff argued that the mathematical bet on Bitcoin growing above 11.5% annually to cover dividend payouts is essentially gambling disguised as a corporate strategy. Strategy CEO Phong Le countered that transparency is the antidote—unlike Ponzi schemes, there are no hidden gaps: assets sit on-chain, and capital is raised from institutions that knowingly buy leveraged exposure to Bitcoin. Schiff responded that openly stating you are building a pyramid does not stop it from being one.
As of early May 2026, Strategy holds 818,334 BTC. Despite the pause, the average purchase price at $75,537 remains below market levels, keeping the portfolio in profit. The company's main catalyst remains the upcoming earnings call, which could determine the timing of its next major acquisition round.
