MicroStrategy Co-Founder Sells $216M in Shares to Buy More Bitcoin
MicroStrategy co-founder Michael Saylor has started selling $216 million worth of MicroStrategy shares, with part of the funds raised going towards buying more Bitcoin. A filing with the US Securities and Exchange Commission (SEC) disclosed that the Bitcoin bull would sell 315,000 MSTR shares. Saylor said the sale would go towards “addressing personal obligations” and acquiring BTC for his personal account. The 315,000 MSTR shares are a stock option granted in 2014, and which expires in April next year. Saylor plans to sell 5,000 MSTR shares daily between January 2 and April 25. He also said his stake in MicroStrategy remained “significant” despite the recent share sale.
MicroStrategy Firm’s Bitcoin Holdings Grow to 189,150 BTC
MicroStrategy is the largest corporate holder of Bitcoin. It has accumulated 189,150 BTC, worth $8.55 billion at the current prices. The company’s last purchase was on Dec. 27, when it bought 14,620 BTC for $615 million. MicroStrategy outperformed Bitcoin over the past year. It’s soared 339% while the king of crypto jumped 158%. But 10X research says MSTR shares are 25% overvalued and face the risk of a steep correction.
BTC hit $45K on January 2, marking the highest level since April 2022. The gains come as crypto traders eagerly await the approval of spot Bitcoin exchange-traded funds (ETFs).
Hot Take
It’s important to think long-term and remain cautious in the volatile world of cryptocurrency. The recent sale of MicroStrategy’s shares to purchase more Bitcoin certainly makes a statement about the potential for Bitcoin as a long-term investment. Saylor’s significant stake in the company despite the sale is a testament to his faith in the potential of the digital asset. This decision is attracting attention in the crypto world, as the value of Bitcoin continues to soar.
By
By
By
By