Michael Saylor begins selling $216M of MicroStrategy shares to buy more BTC
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MicroStrategy Executive Chairman Michael Saylor has launched a four-month plan to sell $216 million worth of his MicroStrategy stock holdings, after previously stating his intention to use some of the proceeds to buy more Bitcoin (BTC).
Saylor disclosed in a report on January 2 Archive He disclosed to the Securities and Exchange Commission that he began selling 315,000 stock options granted in April 2014 that were due to expire on April 30, 2024.
According to the filing, Saylor began the sale process on Jan. 2 by selling its first tranche of 5,000 shares.
During MicroStrategy’s third quarter earnings report call On November 2, Thaler announced his strategy of selling approximately 5,000 shares per day over the next four months. The plan depends on the stock meeting a predetermined minimum price.
In the company’s 10-Q Archive On November 1, he previously announced that he was authorized to sell up to 400,000 shares of his vested options until April 26.
Saylor’s decision to sell some of his shares stemmed from his desire to meet personal financial obligations and increase his personal Bitcoin holdings. Despite these sales, he retained a significant stake in MicroStrategy.
The move comes amid significant gains in Bitcoin prices 170% increase According to data, MicroStrategy stock has outperformed cryptocurrencies since the beginning of last year, rising 411% Yahoo Finance data.
Given MicroStrategy’s position as the largest current institutional BTC holder, it’s yet to be determined how it will fare against rivals such as Blackrock, Fidelity, and Grayscale in the race to approve the first spot Bitcoin ETF in the U.S., the fastest. Probably January 10th.
As of late December 2023, the company had accumulated 189,150 BTC, having spent a total of $5.9 billion on purchases at various points in recent years.
Saylor has previously said that even if the U.S. approves a spot Bitcoin ETF, the company will still be an attractive option for investors seeking Bitcoin exposure.
