MicroStrategy co-founder Michael Saylor has revealed his plan to sell company shares worth $216 million in order to make a personal Bitcoin investment. This information was disclosed in a recent filing with the U.S. Securities and Exchange Commission.
According to the filing, Saylor will be selling 310,000 stock option awards that were originally granted to him in 2014. As of January 2nd, MicroStrategy’s stock closed at $685.15, making Saylor’s holding worth $216 million.
Saylor’s Selling Strategy for Stock Options
During MicroStrategy’s 2023 third-quarter earnings call, Saylor announced his intention to sell up to 5,000 shares per trading day within a four-month window. However, this selling strategy is bound by a minimum price condition, enabling Saylor to divest up to 400,000 shares of his vested options.
Saylor explained, “I was granted a stock option in 2014 with respect to 400,000 shares, which is going to expire next April. Exercising this option will allow me to address personal obligations as well as acquire additional Bitcoin to my personal account.”
Despite selling some of his shares, Saylor remains optimistic about MicroStrategy’s prospects. He stated, “I continue to be optimistic about MicroStrategy’s prospects and should note that my equity stake in the company after these sales will remain very significant.”
MicroStrategy’s Bitcoin Holdings
From November 30th to December 26th, MicroStrategy purchased 14,620 Bitcoins for $616 million. This increased their total holdings to 189,150 Bitcoins, which are currently worth over $8 billion. MicroStrategy’s Bitcoin holdings represent a significant 1% of all Bitcoins in circulation post-purchase, maintaining its position as the largest listed corporate holder of Bitcoin among public companies.
Bitcoin’s Strong Start to the New Year
As we entered the new year, Bitcoin’s price has exceeded $45,000. At the time of writing, it is currently trading at $45,272, a 6.87% increase over the past week according to CoinMarketCap.
In addition to its price increase, Bitcoin achieved a significant milestone on New Year’s Eve. On that day, the network processed over 731,000 transactions, setting a new record in its history.
