Strategy has already tested this dangerous edge. On June 1, the company announced it had sold only 32 Bitcoin (worth around $2.5 million), which is merely a rounding error compared to its total holdings of over 840k Bitcoin. But since then, MSTR's stock price has plummeted by approximately 38%.

Investors are willing to hold MSTR precisely because the company almost never sells its assets. This was supposed to be a leveraged, long-term bet on hoarding Bitcoin in the vault forever. However, the moment Strategy began selling Bitcoin to pay its preferred stock dividends, its vault ceased to be sacrosanct and became a funding source to sustain the upper structure. This fundamentally changed expectations about future cash shortfalls: if a $2.5 million sale is acceptable, then a larger-scale sale is no longer out of the question.