MicroStrategy's CEO Sells $216M Shares; Proceeds to Boost Bitcoin Holdings
Summary:
MicroStrategy's CEO Michael Saylor has started selling $216 million worth of his company shares over the next four months, with part of the proceeds to be used for buying more Bitcoin. Saylor started selling his stock options on January 2, planning to sell 5,000 shares each day for four months, in order to meet personal obligations and increase his Bitcoin holdings. Despite the personal stock sales, Saylor's stake in the company remains substantial. Additionally, MicroStrategy has bought an extra 14,620 Bitcoin for $615 million, bringing their total Bitcoin holdings to 189,150 Bitcoins, worth approximately $8.5 billion.
MicroStrategy's chief executive officer and chair, Michael Saylor, has initiated a plan to sell $216 million of his own company stocks over the next four months, stating that a portion of the funds will go towards purchasing more Bitcoin (BTC). As reported in a U.S. Securities and Exchange Commission filing on January 2, Saylor has started the disposal of his 315,000 awarded stock options, granted to him in April 2014, set to expire on April 30, 2024.
Source data from the Securities and Exchange Commission (SEC) confirm that Saylor has begun offloading his MicroStrategy stocks. The sales commencement date was January 2, with the first lot of 5,000 shares being sold. In a November 2 earnings report for MicroStrategy's third quarter, Saylor announced plans to sell 5,000 shares of MicroStrategy stock each day for the following four months. The purpose of this was stated to honour "personal commitments" and to increase his Bitcoin portfolio.
Saylor spoke on the report call, stating, "Realising this opportunity also allows me to meet personal requirements and add more Bitcoin to my personal holdings." He also affirmed that his ownership in the company remains "substantial", despite the personal stock sales.
In line with a Q-10 filing with the SEC on November 1, between January 2 and April 26 this year, Saylor is permissible to sell up to 400,000 shares of his vested options. Over the past year, MicroStrategy's performance has notably surpassed Bitcoin's, with the former appreciating 411%, more than double Bitcoin’s 170% gain, according to TradingView data.
On December 27, MicroStrategy bolstered its Bitcoin holdings by purchasing an additional 14,620 BTC, incurring a cost of $615 million. This added purchase brought MicroStrategy's total Bitcoin assets to an impressive total of 189,150 Bitcoins – a figure equating to roughly $8.5 billion at current market values.
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Published At
1/3/2024 6:40:00 AM
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