MicroStrategy co-founder Michael Saylor has outlined plans to sell company shares totaling $216 million to fund personal investments in Bitcoin. As per a recent filing with the U.S. Securities and Exchange Commission, Saylor will be divesting 310,000 stock option awards initially granted in 2014. With MicroStrategy’s closing price at $685.15 on Jan. 2, the value of Saylor’s holdings is estimated at $216 million.
Saylor had previously disclosed his intention to sell up to 5,000 shares per trading day within a four-month window during MicroStrategy’s 2023 third-quarter earnings call. This move aligns with his strategy to allocate the proceeds from the share sale into personal Bitcoin investments.
Michael Saylor’s selling strategy, subject to a minimum price condition, enables him to divest up to 400,000 shares of his vested options. The stock option awards, set to expire on April 26, 2024, play a pivotal role in Saylor’s planned transaction.
In his statement during the call, Saylor explained, “I was granted a stock option in 2014 with respect to 400,000 shares, which is going to expire next April.” He further clarified that exercising this option would allow him to address personal obligations and acquire additional Bitcoin for his personal account.
Despite the planned share sales, Saylor expressed optimism about MicroStrategy’s prospects, emphasizing that his equity stake in the company would remain significant after these transactions.
MicroStrategy’s Holding Exceeds $8 Billion
Between November 30 and December 26, MicroStrategy made significant Bitcoin acquisitions, purchasing 14,620 Bitcoins for a total of $616 million. This brought their overall Bitcoin holdings to 189,150, with an estimated value exceeding $8 billion. After these acquisitions, MicroStrategy retained its position as the largest publicly listed corporate holder of Bitcoin among public companies, with its total holdings accounting for a notable 1% of all Bitcoins currently in circulation post-purchase.
Bitcoin Price Soars to $45,000 with Record-High Daily Transactions
Entering the new year on a robust note, Bitcoin has surpassed the $45,000 mark. As of the current writing, it is trading at $45,272, reflecting a 6.87% increase over the past week according to CoinMarketCap. The cryptocurrency’s performance is eagerly anticipated as market participants await the SEC’s decision on spot Bitcoin exchange-traded funds (ETFs).
Adding to the positive momentum, Bitcoin reached a noteworthy milestone on New Year’s Eve by establishing a new record in its network’s history. On that day, the cryptocurrency processed over 731,000 transactions, showcasing the resilience and scalability of the Bitcoin network.
