- Strategy halted weekly Bitcoin buys as both STRC and ATM channels stalled.
- STRC traded below $100 for two weeks, blocking efficient capital raising.
- Holdings rose to 818,334 BTC (3.9% supply), up 40% YoY, while BTC fell 30%.
The weekly buy signal from Michael Saylor did not come this time. Instead, the message confirmed no Bitcoin purchases this week. The pause breaks a steady run of buying through April, when the company deployed over $4 billion into BTC.
The halt links to pressure on Strategy’s two main funding routes. The STRC preferred stock, offering an 11.5% yield, has traded below its $100 par value for two weeks, blocking efficient capital raising.
At the same time, the firm avoided selling shares through its ATM program after adding 3,273 BTC in late April, keeping its stock stable ahead of the May 5 Q1 2026 earnings call. With both funding channels constrained, the buying engine stalled.
Schiff Targets the Model as Bitcoin Lags
Peter Schiff used the pause to attack the Strategy again. He pointed to a clear mismatch between accumulation and price action.
At the 2025 Bitcoin Conference in Las Vegas, Strategy held 580,250 BTC, equal to 2.76% of the total supply. It now holds 818,334 BTC, or 3.9% of supply. This marks a near 40% increase in holdings over one year.
During the same period, Bitcoin dropped from around $109,000 to near $77,000, a decline of about 30%. Schiff argued that large-scale accumulation did not stop the price from falling. He questions why further accumulation, even toward 5% of supply, would change that trend.
He also labeled the STRC structure a Ponzi, arguing the model depends on Bitcoin rising above 11.5% annually to sustain payouts. Strategy CEO Phong Le rejected the comparison.
He added that the system is fully transparent. Bitcoin holdings sit on-chain, and investors knowingly buy leveraged exposure to BTC.
Saylor has also defended the math behind the model. He states that even a 1.25% annual rise in Bitcoin is enough to maintain dividends and grow value over time.
The company’s market cap stands near $58 billion, while its Bitcoin holdings are valued at around $63 billion. The stock trades at a discount to net asset value.
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