Michael Saylor Starts Selling $216M in MicroStrategy Shares for More Bitcoin
MicroStrategy Executive Chairman Michael Saylor has begun a four-month process to sell $216 million worth of shares in his company MicroStrategy, a portion of which he previously said would be used to buy more Bitcoin (BTC).
In a Jan. 2 filing with the U.S. Securities and Exchange Commission, Saylor disclosed that he has begun selling his award of 315,000 stock options, originally granted to him in April 2014. The stock options awarded will expire on April 30, 2024.
According to the filing, Saylor started the process on January 2 by selling the first 5,000 shares.
In MicroStrategy's third-quarter earnings call on Nov. 2, Salor said he plans to sell 5,000 MSTR shares every day for the next four months, to settle “personal obligations” and increase the amount of bitcoins he owns.
“Exercising this option will help me meet personal obligations and buy more bitcoins for my personal account,” Saylor said on the call. He added that despite the private sale, his stake in the company's equity remains “significant”.
According to the SEC filing on November 1 Q-10, Saylor could sell a maximum of 400,000 shares between January 2 and April 26 this year.
While Bitcoin has enjoyed an impressive 170% rally since the start of last year, MicroStrategy has more than doubled the asset, up 411% over the past year, according to TradingView data.
On December 27, MicroStrategy bought an additional 14,620 Bitcoin for $615 million. The purchase brings MicroStrategy's total bitcoin holdings to a staggering 189,150 bitcoins – worth $8.5 billion at current prices.
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