Microstrategy Chief Michael Saylor’s $216 million stock sale ignites an uprising in the bitcoin market

Saylor demonstrates unfaltering dedication to cryptocurrency with a $216 million stock offering for Bitcoin.

Michael Saylor, executive chairman of MicroStrategy, has started the process of selling shares in the company valued at $216 million, which is a big move financially.

Saylor has been quite optimistic about Bitcoin, and this smart move is in keeping with his desire to pay off his debts while boosting his holdings in the cryptocurrency. When Saylor filed with the SEC in January 2024, he revealed this intention to the SEC.

According to the SEC filing, Michael Saylor has started selling the 315,000 shares of stock that were given to him in the form of options in April 2014. The expiration date of these stock options is April 30, 2024. On January 2, Saylor sold his first 5,000 shares to kick off this procedure.

Saylor announced his intention to sell 5,000 shares of MicroStrategy stock every day for the next four months during the company’s third-quarter results call on November 2, 2023. He was very clear that he intended to use the money from these transactions to pay off his “personal obligations” and increase his own Bitcoin holdings.

Saylor maintained his emphasis on his “significant” interest in the company’s stock, notwithstanding these individual transactions.

According to a Q-10 filing that Saylor made with the SEC on November 1, he has the authority to sell up to 400,000 shares of his vested options between January 2, 2024, and April 26, 2024. The term during which Saylor may carry out his planned stock sales is defined by this regulatory limitation.

Over the last year, MicroStrategy has shown exceptional success, surpassing even Bitcoin. Data from TradingView shows that MicroStrategy’s stock price increased by a whopping 411% from the beginning of last year, compared to Bitcoin’s hefty 170% climb. Market watchers and investors have taken notice of this outstanding performance.

By buying 14,620 BTC for $615 million, MicroStrategy significantly increased its Bitcoin stake. With this purchase, MicroStrategy’s Bitcoin holdings reached a whopping 189,150 BTC, putting its worth at almost $8.5 billion according to market pricing. The firm is now among the largest institutional Bitcoin holders, thanks to its persistent Bitcoin accumulation.

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