Michael Saylor Plans to Buy More BTC
MicroStrategy founder and Chairman, Michael Saylor, is selling $MSTR shares worth around $216 million, potentially to accumulate more Bitcoin (BTC). The move comes as MicroStrategy’s stock price has been performing well in recent weeks, with a 21.65% increase compared to a 13.30% rise in the price of Bitcoin.
Saylor revealed that he was granted a stock option of 400,000 $MSTR shares in 2014, which will expire in April 2024 if he doesn’t exercise it. By exercising this option, he would be able to buy more Bitcoin personally.
MicroStrategy’s Position in the Bitcoin ETF Space
As the largest institutional holder of BTC, MicroStrategy’s stance on the approval of a spot Bitcoin ETF is crucial. With competitors like Blackrock, Fidelity, and Grayscale vying for the first-ever approved spot ETF in the United States, it remains to be seen how MicroStrategy will compete. The company currently holds 189,150 BTC acquired for a total of $5.9 billion over the years.
Hot Take: Michael Saylor Selling Shares to Buy More Bitcoin
Michael Saylor’s decision to sell $MSTR shares worth $216 million could be seen as a strategic move to accumulate more Bitcoin. As the founder and Chairman of MicroStrategy, Saylor is leveraging his stock options to increase his personal holdings of BTC. This move aligns with MicroStrategy’s position as the largest institutional holder of Bitcoin and their potential interest in the approval of a spot Bitcoin ETF. As the race for ETF approval heats up, it will be interesting to see how MicroStrategy competes with other major players in the industry.
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