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<a href="https://crypto.news/tag/michael-saylor/" rel="noopener noreferrer nofollow">Michael Saylor</a>, MicroStrategy’s Executive Chairman, has initiated a four-month plan to sell $216 million of his MicroStrategy shares, previously stating his intention to use part of the proceeds to buy additional Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>).
Saylor revealed in a Jan. 2 <a href="https://www.sec.gov/Archives/edgar/data/1050446/000197185724000008/xsl144X01/primary_doc.xml" target="_blank" rel="noopener noreferrer nofollow">filing </a>with the U.S. Securities and Exchange Commission that he began selling his 315,000 stock options, awarded in April 2014, which are due to expire by Apr. 30, 2024.
Per the filing, Saylor commenced the selling process on Jan. 2, beginning with the first set of 5,000 shares.
During <a href="https://crypto.news/tag/microstrategy/" rel="noopener noreferrer nofollow">MicroStrategy’s </a>third-quarter earnings <a href="https://www.microstrategy.com/en/investor-relations/events-presentations/q3-2023-financial-results-webinar-recording" target="_blank" rel="noopener noreferrer nofollow">call </a>on Nov. 2, Saylor announced his strategy to sell approximately 5,000 shares daily over the next four months. This plan is contingent on the shares meeting a predetermined minimum price.
In the company’s 10-Q <a href="https://www.sec.gov/Archives/edgar/data/1050446/000095017023057418/mstr-20230930.htm" target="_blank" rel="noopener noreferrer nofollow">filing </a>on Nov. 1, he had previously declared that he was authorized to sell up to 400,000 shares from his vested options by Apr. 26.
Saylor’s decision to sell part of his stake is driven by his desire to fulfill personal financial obligations and to increase his personal Bitcoin holdings. Despite these sales, he maintains a substantial equity interest in MicroStrategy.
Read more: <a href="https://crypto.news/bitcoin-etf-will-attract-pension-funds-and-rias-says-cboe-digital-chief/" rel="noopener noreferrer nofollow"> Bitcoin ETF will attract pension funds and RIAs, says CBOE digital chief </a>
This move comes amidst a notable rally in Bitcoin prices, which saw a <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">170% increase</a> from the beginning of last year and MicroStrategy’s stock outperforming the cryptocurrency with a 411% gain, according to <a href="https://finance.yahoo.com/quote/MSTR/" target="_blank" rel="noopener noreferrer nofollow">Yahoo Finance data</a>.
Given MicroStrategy’s status as the current top institutional BTC holder, it’s yet to be determined how it will fare against competitors like <a href="https://crypto.news/blackrock-designates-jpmorgan-jane-street-as-bitcoin-etf-authorized-participants/" rel="noopener noreferrer nofollow">Blackrock</a>, <a href="https://crypto.news/fidelity-spot-bitcoin-etf-listed-on-dtcc/" rel="noopener noreferrer nofollow">Fidelity</a>, and <a href="https://crypto.news/grayscale-updates-spot-bitcoin-etf-filing-amid-silberts-resignation/" rel="noopener noreferrer nofollow">Grayscale </a>in the race for the first U.S. <a href="https://crypto.news/sec-may-approve-bitcoin-etf-for-imminent-launch-when/" rel="noopener noreferrer nofollow">approval of a spot Bitcoin ETF</a>, potentially as soon as Jan. 10.
As of late December 2023, the firm has <a href="https://crypto.news/microstrategy-adds-620m-bitcoin-to-massive-btc-stash/" rel="noopener noreferrer nofollow">accumulated 189,150 BTC</a>, purchased for a total of $5.9 billion over various points in recent years.
Saylor has<a href="https://crypto.news/michael-saylor-spot-bitcoin-etfs-a-game-changer/" rel="noopener noreferrer nofollow"> previously argued </a>that the company will remain an attractive option to investors seeking exposure to Bitcoin even if the U.S. approves spot Bitcoin ETFs.
Read more: <a href="https://crypto.news/vaneck-spot-bitcoin-etf-launch-will-not-impact-btc-price/" rel="noopener noreferrer nofollow"> VanEck: spot Bitcoin ETF launch will not impact BTC price </a>

Michael Saylor starts selling $216m in MicroStrategy shares to purchase more BTC

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