Michael Saylor's company sold 32 BTC for approximately US$2.5 million between May 26th and 31st.

The stock had closed Friday at US$159.09, but was trading at US$151.33 in pre-market trading, a drop of 4.88%.

The sale is small compared to the company's Bitcoin holdings, but it directly impacts the thesis that has sustained MSTR for years.

1- 32 BTC broke the implicit promise

Strategy sold 32 bitcoins at an average price of US$77,135 per unit.

The money will fund distributions linked to preferred shares, precisely the structure used to keep the company raising capital and supporting its thesis of recurring Bitcoin purchases.

For a company that built an image as an almost permanent buyer of BTC, the sale is small in cash but huge in its narrative.

2- 843,706 BTC Still on Balance

Even after the sale, Strategy still holds 843,706 bitcoins, valued at approximately US$61 billion.

The position was established at an average price of US$75,699, with a total cost of approximately US$63.9 billion, including fees and expenses.

The company continues to control more than 4% of the maximum Bitcoin supply. At the current price, it carries an unrealized loss of nearly US$2.9 billion.

3- Dividends Became Cash Pressure

The most important part is the financing structure. Strategy expanded its issuance programs with up to US$21 billion in MSTR common stock, US$21 billion in STRC, and US$2.1 billion in STRK.

STRC is a perpetual, accumulative, variable-rate preferred stock with adjustable monthly dividends to try to keep the stock close to US$100.

The annualized rate is at 11.5% for June. Bitcoin on the balance sheet is the asset. The preferred stock is the monthly account.

4- US$1.5 billion in debt repurchased

The sale came shortly after another significant transaction: the repurchase of US$1.5 billion in zero-coupon convertible notes maturing in 2029.

Strategy paid approximately US$1.38 billion, retiring the debt at an 8% discount to its face value.

The transaction was financed with cash. After the sale, the company had US$871 million in cash reserves.

5- Pre-market trading triggered the first sale

The reaction appeared before the opening: MSTR fell 4.88% in pre-market trading, to US$151.33, after closing Friday at US$159.09.

The point putting pressure on Saylor is the mNAV. The company trades at a multiple of 0.97 over the net value of its Bitcoin reserves.

When this number gets close to 1, or below it, it becomes more difficult to sell expensive stock to buy cheap BTC on the balance sheet.