Last year, MicroStrategy’s executive chairman, Michael Saylor, signed an agreement with the company allowing him to sell up to 400,000 shares within the first four months of 2024. So far, he has sold 90% of these shares, generating approximately $370 million in profit. Given that Bitcoin is expected to undergo a halving event soon, there’s speculation that Michael Saylor may choose to sell the remaining MSTR shares and buy Bitcoin instead.
Additionally, MicroStrategy has not taken advantage of the recent dip in Bitcoin’s price and may make a purchase before Bitcoin reaches a new record high. An announcement from the company could come prior to this occurrence.
Michael Saylor to Sell More MicroStrategy Shares?
Michael Saylor, the founder and chairman of MicroStrategy, made a profit of $370 million by selling some of his company’s stocks as per an earlier agreement. According to the terms of this arrangement, Saylor is permitted to sell as many as 400,000 shares between January and April in 2024. (Note: This paraphrasing aims to keep the original meaning intact while making it more accessible to a general audience.)
Michael Saylor has disposed of 90% of his MicroStrategy shares as outlined in his stock-sale agreement, but he still holds onto 10%. Following his recent sale announced on Thursday, Saylor’s Class A MicroStrategy shareholdings have decreased by 30,000 units. According to an SEC filing, the worth of the sold MSTR shares was $3,023,309, with individual sales prices ranging from $1,189.12 to $1,258.05.
Bitcoin’s price surge due to anticipated ETF approvals and the upcoming halving event has significantly boosted MicroStrategy’s stock value by around 100% since the beginning of the year. It’s likely that Michael Saylor will sell some MSTR shares and MicroStrategy will announce additional Bitcoin purchases in the coming week. The company has been actively seeking funds to invest in Bitcoin and prefers market dips as opportunities to buy.
MicroStrategy Bitcoin Holdings and Price Performance
MicroStrategy now controls over 214,000 Bitcoins, which is approximately 1% of the total existing supply after their recent purchase of 9,245 coins for $623 million. Michael Saylor, MicroStrategy’s CEO and largest shareholder with Class B holdings valued at around $2.3 billion, is not conveying a lack of confidence in MicroStrategy or Bitcoin through his recent stock sales.
The cost of MSTR shares dipped 37% from their March peak, with a 15% decrease happening this week. This downturn corresponded to a substantial drop in Bitcoin’s price. Nevertheless, MicroStrategy’s stock has risen by 81% year-to-date and an impressive 346% in 2023, making it one of the best-performing investments in the market.
Bitcoin’s price dropped by around 1% in the last 24 hours, now sitting at $63,952. The lowest and highest points in this period were $63,036 and $65,381. Despite this dip, investors remain optimistic about Bitcoin’s continued growth.
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2024-04-20 16:29