MicroStrategy Co-Founder to Sell $216 Million in Company Shares for Bitcoin Investment
Michael Saylor, the co-founder of MicroStrategy, has announced his plan to sell company shares worth $216 million in order to make a personal investment in Bitcoin. This decision was disclosed in a recent filing with the U.S. Securities and Exchange Commission.
Saylor intends to sell 310,000 stock option awards that were originally granted to him in 2014. With MicroStrategy’s closing stock price at $685.15 on January 2nd, these shares are valued at $216 million.
In MicroStrategy’s third-quarter earnings call and 10-Q filing, Saylor revealed his plan to sell up to 5,000 shares per trading day within a four-month period. This selling strategy allows him to divest up to 400,000 shares of his vested options, which are set to expire on April 26, 2024.
Saylor stated that exercising this option will enable him to address personal obligations and acquire additional Bitcoin for his personal account. He also expressed optimism about MicroStrategy’s prospects and emphasized that his equity stake in the company will remain significant even after the sales.
MicroStrategy’s Holding Exceeds $8 Billion
MicroStrategy recently purchased 14,620 Bitcoins for $616 million, increasing their total holdings to 189,150 Bitcoins worth over $8 billion. This represents approximately 1% of all Bitcoins currently in circulation and solidifies MicroStrategy as the largest listed corporate holder of Bitcoin among public companies.
Bitcoin Price Surges Above $45,000 with Record-High Daily Transactions
Bitcoin has started the new year on a strong note, with its price surpassing $45,000. At the time of writing, it is trading at $45,272, showing a 6.87% increase over the past week according to CoinMarketCap.
In addition to its price surge, Bitcoin achieved a significant milestone on New Year’s Eve by processing over 731,000 transactions in a single day, marking a new record for the network.
Hot Take: MicroStrategy’s Michael Saylor Embraces Bitcoin
MicroStrategy co-founder Michael Saylor’s decision to sell $216 million in company shares for a personal Bitcoin investment highlights his strong belief in the future of cryptocurrency. By divesting part of his holdings and acquiring more Bitcoin, Saylor demonstrates his confidence in the digital asset’s potential for growth. This move also solidifies MicroStrategy’s position as a major player in the cryptocurrency market, with their total Bitcoin holdings now exceeding $8 billion.
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