- Saylor proposed to sell 310,000 share options awarded in 2014, expiring this year
- He will address personal obligations and add Bitcoin to his personal account
- MicroStrategy is worth $10.5 B; its Bitcoin is worth $8.5 B
MicroStrategy CEO Michael Saylor put a plan in action to sell shares worth $216 million of his company on January 2, a regulatory filing with the US Securities and Exchange Commission (SEC) cited by CoinDesk shows.
According to the document, Saylor proposed to sell 310,000 share options awarded in 2014, which will expire in April this year.
When discussing MicroStrategy's third quarter earnings, its CEO said he would sell 5,000 shares per trading day until and including April. The sale underlies minimum price terms. According to that quarter's 10-Q filing, he can sell up to 400,000 shares of his vested options up until April 26.
Covering personal debt?
Saylor said that the plan would enable him to “address personal obligations” as well as add Bitcoin to his personal account. He expressed optimism about MicroStrategy's prospects and assured his equity in the corporation would remain substantial after the sale.
The biggest corporate Bitcoin holder
MicroStrategy is the largest corporate Bitcoin holder with 189,000 BTC in total after buying Bitcoin worth $615.7 million in December. It holds Bitcoin worth a total of $8,5 billion at current prices. On January 2, shares of MicroStrategy gained 8.5%, going against the grain as crypto stocks declined across the market.
Bitcoin keeps gaining on ETF prospects
Bitcoin's price has been increasing over the past few months, with stakeholders anticipating approval of a spot Bitcoin exchange-traded fund (ETF) by the SEC in the coming weeks. The potential approval of a spot Bitcoin ETF has been the main theme in the crypto industry as companies like Blackrock, Franklin Templeton, and Fidelity applied with the SEC.
MicroStrategy is worth $10.50 billion, which means its value is mainly made up of Bitcoin. The tech company and Bitcoin are closely correlated. In fact, MicroStrategy stock outperformed Bitcoin in 2023.
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