Michael Saylor, the Executive Chairman of MicroStrategy, has initiated a plan to sell approximately $216 million worth of stock in the company over a period of four months. Saylor announced that some of these shares' proceeds will be directed towards acquiring more Bitcoin.
According to a filing submitted to the U.S. Securities and Exchange Commission on January 2, Saylor began the process of selling 315,000 stock options granted to him in April 2014, which are set to expire on April 30, 2024.
The filing reported that Saylor commenced the sale by divesting 5,000 shares on January 2. During MicroStrategy's third-quarter earnings call in November, he mentioned his intention to sell 5,000 shares of MSTR stock daily over the next four months. These sales aim to fulfill "personal obligations" and expand his Bitcoin holdings, despite maintaining a significant stake in the company.
In the Q-10 filing with the SEC on November 1, it was highlighted that Saylor might sell up to 400,000 shares of vested options between January 2 and April 26 of the current year. While Bitcoin registered a remarkable 170% gain since the start of the previous year, MicroStrategy's performance surpassed that, escalating by 411% in the same period, as per TradingView data.
MicroStrategy's aggressive stance toward Bitcoin was evident on December 27 when the company purchased an additional 14,620 Bitcoins for $615 million. This acquisition elevated MicroStrategy's total Bitcoin holdings to an impressive 189,150 Bitcoins, which are valued at approximately $8.5 billion based on current market prices.
