Michael Saylor Begins Selling MicroStrategy Shares to Buy More Bitcoin
MicroStrategy’s Executive Chairman, Michael Saylor, has started a four-month plan to sell $216 million worth of his MicroStrategy shares. He intends to use a portion of the proceeds to purchase additional Bitcoin (BTC).
Saylor disclosed in a filing with the U.S. Securities and Exchange Commission that he initiated the selling process on January 2. He began by selling the first set of 5,000 shares out of his 315,000 stock options, which were awarded in April 2014 and are set to expire by April 30, 2024.
During MicroStrategy’s third-quarter earnings call in November, Saylor announced his strategy to sell approximately 5,000 shares daily for the next four months, depending on the shares meeting a minimum predetermined price.
Saylor’s decision to sell part of his stake is driven by personal financial obligations and his desire to increase his personal Bitcoin holdings. However, he still maintains a significant equity interest in MicroStrategy.
Bitcoin Rally and MicroStrategy’s Position
The sale comes at a time when Bitcoin prices have been experiencing a significant rally, with a 170% increase from the beginning of last year. Interestingly, MicroStrategy’s stock has outperformed Bitcoin with a gain of 411%, according to Yahoo Finance data.
MicroStrategy currently holds the top position among institutional BTC holders and has accumulated 189,150 BTC as of late December 2023. These holdings were acquired over the years for a total of $5.9 billion.
Despite its success, it remains uncertain how MicroStrategy will fare against competitors like Blackrock, Fidelity, and Grayscale in the race for the first U.S. approval of a spot Bitcoin ETF, which could potentially happen as early as January 10.
Saylor has previously stated that even if spot Bitcoin ETFs are approved in the U.S., MicroStrategy will still be an attractive option for investors looking to gain exposure to Bitcoin.
Hot Take: Michael Saylor Begins Selling MicroStrategy Shares to Boost Personal Bitcoin Holdings
MicroStrategy’s Executive Chairman, Michael Saylor, has kickstarted a plan to sell $216 million of his MicroStrategy shares over four months. The intention behind this move is to increase his personal Bitcoin holdings. Saylor started by selling 5,000 shares out of his 315,000 stock options, which were awarded in April 2014 and are set to expire by April 30, 2024. He plans to sell approximately 5,000 shares daily over the next four months, depending on meeting a minimum predetermined price. This decision is motivated by personal financial obligations and the desire to accumulate more Bitcoin. Despite selling part of his stake, Saylor will still maintain a significant equity interest in MicroStrategy.
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