MicroStrategy Chairman Commence Sale of $216M Shares to Acquire Bitcoin

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MicroStrategy’s Bitcoin (BTC) strategy continues in the new year as the company’s executive chairman Michael Saylor commences the sale of $216 million worth of his shares in the firm. Saylor has started this four-month process with the plan to purchase more Bitcoin at the end of the day. He precisely stated that the move would allow him to fulfill his “personal obligations.”

According to a document filed with the United States Securities and Exchange Commission (SEC), the MicroStrategy executive confirmed that the process is already ongoing.

Michael Saylor’s 315k MicroStrategy Shares For Sale

Saylor intends to sell a total of 315,000 shares of MicroStrategy (MTSR), estimated to be valued at approximately $216 million. Per the filing, the shares are meant to be sold on the Nasdaq website. The shares that are up for sale were acquired in April 2014 as part of stock option exercises and awards. Markedly, the awarded stock options will expire by April 30, 2024.

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By January 2, Saylor had sold the first tranche of 5,000 shares. This share sale is a representation of a significant percentage of the MicroStrategy Chairman’s holdings in the firm. 

MicroStrategy Continues With Bitcoin Strategy 

It is least surprising that Saylor intends to acquire more Bitcoin with the proceeds from the sale. Since 2020 when it purchased its first Bitcoin holding, MicroStrategy has been keen on growing its BTC stash, a sentiment which Saylor tagged “Bitcoin Strategy.” As of December 27, 2023, MicroStrategy held a total of 189,150 BTC units, maintaining the position of the largest holder of the flagship cryptocurrency. 

Even till the last quarter of 2023, MicroStrategy was still the leading digital asset by market capitalization. In October, the firm made a new acquisition of BTC valued at $5.3 million and this was around the time when the coin nearly hit $35,000.

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Bitcoin Hit New Price Levels

So far, Bitcoin price has risen significantly and has reached new highs that were last seen in April 2022.

At the time of this writing, BTC is trading at $45,142.85 according to data from CoinMarketCap. The current price of Bitcoin is believed to be a function of the optimism surrounding a potential spot Bitcoin ETF approval from the SEC.

Approval for the new product is expected between now and next week. When it finally comes, Bitcoin is likely to hit a new high, as believed by many experts. In effect, MicroStrategy would also bag massive gains on its Bitcoin holding.

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