MicroStrategy bitcoin-news/microstrategy-bitcoin-strategy-spot-etfs/#:~:text=MicroStrategy’s%20Michael%20Saylor%20Says%20Spot%20ETF%20Approvals%20Have%20No%20Bearing%20On%20Bitcoin%20Strategy,-by%20Scott%20Matherson&text=MicroStrategy%20co%2Dfounder%20and%20former,the%20company’s%20%E2%80%9CBitcoin%20Strategy.%E2%80%9D” rel=”nofollow noopener” target=”_blank”>co-founder Michael Saylor appears to be building its own “bitcoin strategy.” This can be deduced from a recent report, which shows that he has started selling some of his company's shares in an attempt to bitcoin/microstrategy-615-million-on-bitcoin/” rel=”nofollow noopener” target=”_blank”>acquire more of the flagship cryptocurrency.
Saylor sells MicroStrategy shares
According to a Bloomberg ReportMichael Saylor sold between 3,882 and 5,000 MicroStrategy shares on certain days leading up to the SEC approval of bitcoin spot ETFs. These sales have reportedly earned the company's co-founder more than $20 million in total. This is said to be the first time he has sold shares in almost 12 years.
Saylor will use some of the profits made from these sales to invest in bitcoin. Bitcoinist had previously reported Saylor's plan to sell up to 315,000 shares of the company to increase his btc holdings. These shares were part of the stock option that Saylor had received from the company in 2014.
As part of his plan, the MicroStrategy co-founder will sell around 5,000 shares each trading day until April 26.bitcoin Strategy'Saylor appears to be betting on the flagship crypto token. He is known to be one of the bitcoin/michael-saylor-bitcoin-1-million/” rel=”nofollow noopener” target=”_blank”>most vocal advocates of bitcoin, and this is further proof of its long-term optimism.
Interestingly, Saylor bitcoin/michael-saylor-bitcoin-1-million/” rel=”nofollow noopener” target=”_blank”>had tipped 2024 It will be a great year for bitcoin. He highlighted certain factors as the reason why he was so bullish on bitcoin this year. He had also hinted that the crypto token would continue to see significant price increases. As such, it is not surprising that Saylor is looking to acquire as much btc as he can.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/oVmDJs9u/" alt="Tradingview.com bitcoin Chart (Microstrategy)” width=”3266″ height=”1530″/>
btc price struggles below $43,000 | Source: BTCUSD on Tradingview.com
Is MicroStrategy a Victim of the bitcoin ETF Approval?
Data from MarketWatch shows that MicroStrategy Stock It is down more than 23% in the last five days. This is significant, considering that was predicted that the company may suffer a setback following the approval of the bitcoin Spot ETFs. This prediction is based on the belief that some investors may have acquired MSTR shares in an attempt to gain some form of exposure to btc.
However, with bitcoin Spot ETF Currently, these investors can try to rotate some of their MicroStrategy funds into these investment vehicles. These sell-offs will undoubtedly have an effect on the stock price, which could be the cause of MSTR's recent drop.
Saylor had bitcoin-news/microstrategy-bitcoin-strategy-spot-etfs/” rel=”nofollow noopener” target=”_blank”>commented above about these bitcoin ETFs that provide some form of competition to your company. However, he didn't seem bothered that this happened, as he stated that MicroStrategy has a unique offering that these funds cannot emulate.
Featured image from Business Insider, chart from Tradingview.com