Michael Saylor, the co-founder and executive chairman of software firm MicroStrategy, has begun selling 315,000 of the company’s shares worth at least $216 million, noting previously that he would use part of the proceeds to acquire more personal Bitcoin (BTC).
Saylor Plans To Increase His BTC Holdings
In a Jan. 2 regulatory filing with the U.S. Securities and Exchange Commission (SEC), Michael Saylor disclosed that he is selling as many as 315,000 stock options awards granted to him in 2014. The awarded stock options are set to expire on April 30, 2024.
Saylor stated during Microstrategy’s third-quarter earnings call in November that he intends to sell 5,000 shares per trading day for the next four months, “subject to a minimum price condition”, to address personal obligations and buy more Bitcoin for his personal account.
The filing notes that Saylor commenced the process on Jan. 2, selling his first chunk of 5,000 shares. The former MicroStrategy CEO clarified that he still has a substantial stake in the company’s equity despite his personal sales.
MicroStrategy’s Aggressive BTC Strategy
Michael Saylor kicked off MicroStategy’s Bitcoin-buying grand plan back in August 2020, with an initial $250 million investment in the cryptocurrency. The Virginia-based company has continued to buy the asset since, with Saylor touting it as “digital gold” and a better alternative to holding fiat money.
MicroStrategy stock has gained over 320% since the company dipped its toes in BTC waters. MicroStrategy now holds 189,150 BTC worth $8.5 billion at today’s prices. It is the world’s biggest corporate holder of the OG cryptocurrency.
Saylor has previously claimed that purchasing MicroStrategy’s stock is a safe way for investors to gain exposure to BTC. However, there have been some concerns that if exchange-traded funds (ETFs) that invest in bitcoin were to go live in the U.S., it would make the company’s stock less attractive to investors.
The SEC is expected to approve a swath of spot Bitcoin ETFs in the coming days, with Wall Street titans like Fidelity Investments, BlackRock, and Invesco in the tight race. The regulator’s green light could catapult the BTC price higher and improve market liquidity by giving a wider audience of institutional and retail investors access to the digital coin.
Saylor suggested that a potential spot ETF launch would be one of the biggest developments in Wall Street in 30 years.