MicroStrategy (MSTR) shares have plummeted 48% since the company's first Bitcoin sale this year, according to Hyperinsight monitoring. The sale of 32 BTC in late May to cover preferred stock dividends has contributed to the downward pressure on the stock, which fell another 13.8% in the past 24 hours, reaching $84 on Hyperliquid. This marks the lowest level for MSTR in two years, leading declines across the HIP-3 market. The company's unrealized losses on its Bitcoin holdings have now surpassed $13 billion, while top short-position holders are sitting on $1.32 million in unrealized profits.