Michael Saylor initiates sale of $216 million worth of MicroStrategy shares to acquire additional BTC.

MicroStrategy’s Executive Chairman, Michael Saylor, has announced a plan to sell $216 million worth of his MicroStrategy shares over a four-month period. Saylor intends to use a portion of the proceeds to purchase more Bitcoin. He revealed this information in a filing with the U.S. Securities and Exchange Commission on January 2nd. The filing states that Saylor began selling his 315,000 stock options, which were awarded to him in April 2014 and will expire by April 30, 2024. The selling process began on January 2nd with the first set of 5,000 shares.
During MicroStrategy’s third-quarter earnings call on November 2nd, Saylor announced his strategy to sell approximately 5,000 shares daily over the next four months. However, this plan is subject to the shares meeting a minimum predetermined price. In a filing on November 1st, Saylor had already declared that he was authorized to sell up to 400,000 shares from his vested options by April 26th.
Saylor’s decision to sell part of his stake is driven by his personal financial obligations and his desire to increase his personal Bitcoin holdings. Despite these sales, he still holds a significant equity interest in MicroStrategy.
This move comes at a time when Bitcoin prices have experienced a significant rally, increasing by 170% since the beginning of last year. MicroStrategy’s stock has also outperformed the cryptocurrency, with a 411% gain, according to Yahoo Finance data.
MicroStrategy is currently the leading institutional holder of Bitcoin. However, it remains to be seen how it will compete against rivals like Blackrock, Fidelity, and Grayscale in the race to secure the first U.S. approval for a spot Bitcoin ETF, which could potentially happen as early as January 10th.
As of late December 2023, MicroStrategy has accumulated 189,150 BTC, purchased at a total cost of $5.9 billion over the past few years.
Saylor has previously stated that even if the U.S. approves spot Bitcoin ETFs, the company will still be an attractive option for investors seeking exposure to Bitcoin.
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