MicroStrategy’s executive chairman, Michael Saylor, has initiated a four-month process to sell $216 million worth of his shares in the company. He had previously announced that a portion of the proceeds would be used to acquire more Bitcoin (BTC). As of the latest update, the stock’s tickers have decreased to $45,063.
In a filing with the United States Securities and Exchange Commission on January 2, Saylor revealed that he had already commenced the sale of his 315,000 stock options awards, initially granted in April 2014. These stock options are set to expire on April 30, 2024. The filing indicates that Saylor began the process by selling the first tranche of 5,000 shares on January 2.
During MicroStrategy’s third-quarter earnings call on November 2, Saylor had outlined his plan to sell 5,000 MSTR shares daily for the next four months. He mentioned that this move would help meet his “personal obligations” and increase his Bitcoin holdings.
Saylor explained during the call that exercising these options would enable him to fulfill personal obligations while adding more Bitcoin to his personal account. Despite his personal sales, he emphasized that his stake in the company’s equity remains “significant.”
According to a November 1 Q-10 filing with the SEC, Saylor has the authority to sell a maximum of 400,000 shares of his vested options between January 2 and April 26 this year.
While Bitcoin experienced a notable 170% rally from the beginning of the previous year, MicroStrategy has outperformed the cryptocurrency, posting a remarkable 411% gain over the same period, according to TradingView data.
On December 27, MicroStrategy made another significant move by acquiring an additional 14,620 Bitcoin for $615 million. This purchase elevated MicroStrategy’s total Bitcoin holdings to an impressive 189,150 Bitcoin, valued at approximately $8.5 billion at current prices.
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