Michael Saylor, CEO and co-founder of MicroStrategy, has initiated the sale of 315,000 shares of the company, for a total of almost $216 million, with the intention of expanding his personal holdings of bitcoin. This decision, initially announced during MicroStrategy's Q3 2023 earnings call, is a testament to his dedication and confidence in btc.
Saylor to bolster his personal bitcoin holdings
Saylor, a prominent industry figure, stated during the November call: “In 2014 I was granted a stock option with respect to 400,000 shares, which will expire next April if I exercise it by then.” Saylor has now chosen this option, as he did yesterday presentation with the United States Securities and Exchange Commission (SEC).
In November, he explained: “For almost a decade, at my request, the company only paid me a salary of $1 and I have chosen not to be entitled to any cash bonuses. Exercising this option will allow me to meet my financial obligations and acquire additional bitcoin for my personal account.”
In an elaborate plan, it aims to sell around 5,000 shares each trading day from January 2 to April 25, 2024, subject to meeting a minimum price condition.
“According to my trading plan, I plan to exercise and sell 5,000 shares on each trading day, beginning on January 2, 2024 and ending on April 25, subject to a minimum price condition. This means the sale will take place for almost four months,” Saylor explained, highlighting his long-term commitment to the company and bitcoin.
Michael 'Gigachad' Saylor will sell 5,000 shares of MSTR every day from today until April 25, 2024 to buy more personal shares. bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin
No one will surpass the GOAT pic.twitter.com/0w5mU75Q79
— The ₿itcoin Therapist (@TheBTCTherapist) January 3, 2024
Based on a Q-10 presentation With the SEC on November 1, Saylor is authorized to sell up to 400,000 shares of his vested options in the period from January 2 to April 26 of this year. Despite the sale, Saylor maintains a “significant” stake in MicroStrategy, reinforcing his confidence in the company.
MSTR outperforms btc
MicroStrategy (MSTR) stock has had a fabulous 2023, rising over 375%. Furthermore, MSTR is up 12.43% in the last 5 days alone, closing at $685.15 on Tuesday.
This increase aligns with the company's aggressive investment in btc, maintaining its position as the largest listed corporate holder of the leading digital currency. Surprisingly, MicroStrategy has even outperformed bitcoin, which enjoyed a 165% rally last year.
The company's December 27 purchase of an additional 14,620 btc for $615 million further solidified its mammoth bitcoin reserve. With its latest acquisition in December, the company's total bitcoin holdings stand at 189,150 btc, valued at $8.55 billion at current market prices.
At press time, bitcoin was trading at $45,443. On Tuesday, btc price reached its level highest level since April 2022 at $45,934. Surprisingly, this reflects 7.6% so far this year.
Featured image from michael.com, chart from TradingView.com
