Michael Saylor begins selling $216 million worth of MicroStrategy shares to buy more BTC
MicroStrategy Executive Chairman Michael Saylor has initiated a four-month plan to sell $216 million of his MicroStrategy shares and previously stated his intention to use some of the proceeds to purchase additional Bitcoin (BTC).
Saylor said in a Jan. 2 filing with the U.S. Securities and Exchange Commission that he had begun selling his 315,000 stock options, which were granted to him in April 2014 and are set to expire on April 30, 2024.
According to the filing, Saylor began the sales process on Jan. 2, starting with the first set of 5,000 shares.
During MicroStrategy's third-quarter earnings call on Nov. 2, Saylor announced his strategy to sell about 5,000 shares a day for the next four months. This plan is dependent on the shares reaching a predetermined minimum price.
He previously said in the company's Nov. 1 10-Q filing that he had the right to sell up to 400,000 shares of his vested options through April 26.
Saylor's decision to sell part of his stake is based on his desire to meet his personal financial obligations and increase his personal Bitcoin holdings. Despite these sales, he retains a significant equity stake in MicroStrategy.
The move comes amid a remarkable rally in Bitcoin prices, which have seen a 170% increase since the start of last year, and MicroStrategy shares outperformed the cryptocurrency by gaining 411%, according to data from Yahoo Finance.
Given MicroStrategy's status as the current leading institutional BTC holder, it remains to be determined how it will fare in the race to become the first U.S. approval of a spot Bitcoin ETF against rivals such as Blackrock, Fidelity and Grayscale, possibly as early as April 10. January .
As of the end of December 2023, the company has accumulated 189,150 BTC, purchased at various times over the past few years for a total of $5.9 billion.
Saylor has previously argued that even if the US approves spot Bitcoin ETFs, the company will remain an attractive option for investors looking to gain exposure to Bitcoin.
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