He had previously said that some of the proceeds will go into purchasing additional BTC.
MicroStrategy gained 411% last year, according to MarketWatch statistics.
Michael Saylor, executive chairman of MicroStrategy, has started selling $216 million worth of shares in his business over the course of four months. He had previously said that some of the proceeds will go into purchasing additional Bitcoin.
Saylor revealed in a statement with the U.S SEC on January 2 that he had begun selling the 315,000 stock options awards that had been granted to him in April 2014. Moreover, April 30, 2024 is the expiration date of the granted stock options. The first tranche of 5,000 shares was sold by Saylor on January 2, according to the paperwork.
To pay off “personal obligations” and increase his Bitcoin holdings, Saylor announced his intention to sell 5,000 MSTR shares every day for the next four months during MicroStrategy’s third-quarter results call on November 2. His personal sales may be little, but his share in the company’s stock is still “significant,” he said.
Banking on Bitcoin
Saylor is limited to selling up to 400,000 shares of his vested options between January 2 and April 26, according to a Q-10 filing with the SEC dated November 1st. MicroStrategy gained 411% last year, according to MarketWatch statistics, which is more than twice as much as Bitcoin’s 170% advance from the beginning of the year.
For $615 million, MicroStrategy bought 14,620 more Bitcoin on December 27. As a result of the acquisition, MicroStrategy now owns an unprecedented 189,150 Bitcoin, which is equivalent to almost $8.5 billion at the current pricing.
The crypto market has rebounded and started the year with a positive move. At the time of writing, Bitcoin is trading at $45,406 as per data from CoinMarketCap.