Shares of bitcoin-holding company Strategy (formerly known as MicroStrategy) fell more than 6% in pre-market trading on Tuesday, partially giving back the robust 22.6% gain from the prior trading session.

The stock had surged 12.6% on Monday to close at $92.68, primarily driven by the company's announcement of a new digital credit capital framework.

According to the framework disclosed on Monday, Strategy's board approved a new dollar reserve policy, authorized up to $1.25 billion in bitcoin sale options, and established two separate $1 billion stock repurchase programs. One repurchase program is for digital credit securities, and the other is for Class A common stock, with neither program to be funded from the dollar reserve. The company also announced an increase in the dividend on its STRC preferred stock to 12% and set a corporate goal to gradually move its trading price toward par value.

Market analysis suggests Monday's significant rally primarily reflected investor approval of more transparent liquidity management, rather than a pure bet on continued bitcoin price appreciation. The new framework shifts Strategy from its previous single-mode capital issuance approach to a more flexible capital management strategy.

Tuesday's pullback is seen as a routine market movement in the current environment, with some profit-taking occurring after the sharp 22.6% advance.