Michael Saylor Initiates Sale of $216 Million MicroStrategy Shares to Buy More Bitcoin
Crypto News – Michael Saylor, the Executive Chairman of MicroStrategy, has initiated a significant financial move, embarking on a four-month journey to divest $216 million worth of his shares in the company. This strategic decision, he explains, is not only to fulfill personal financial obligations but also to further invest in Bitcoin, a digital asset he has shown immense interest in.
This process commenced with a formal declaration to the United States Securities and Exchange Commission on January 2. Saylor revealed his intention to sell off 315,000 stock options, initially awarded in April 2014 and set to expire by April 30, 2024. The sale began promptly on the same day, with the first set of 5,000 shares being liquidated.
During MicroStrategy’s third-quarter earnings discussion on November 2, Saylor expressed his plan to sell 5,000 shares of MSTR daily over the following four months. He stated that this strategy serves a dual purpose: meeting personal financial commitments and increasing his Bitcoin portfolio.
“Exercising this option will cater to my personal financial needs while allowing me to expand my Bitcoin holdings,” Saylor commented during the call. He emphasized that despite these sales, his investment in MicroStrategy’s equity remains substantial.
A November 1 Q-10 filing with the SEC stipulated that Saylor is authorized to sell up to 400,000 shares of his vested options between January 2 and April 26 of this year.
While Bitcoin itself experienced a notable 170% surge since the previous year’s start, MicroStrategy’s performance has been even more remarkable. The company’s value soared by 411% over the past year, outstripping Bitcoin’s growth, according to TradingView data.
In a bold move on December 27, MicroStrategy amplified its Bitcoin reserves, purchasing an additional 14,620 Bitcoins for a colossal sum of $615 million. This acquisition increased MicroStrategy’s total Bitcoin holdings to an astounding 189,150 units, valued at approximately $8.5 billion at current market rates.
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