Michael Saylor, the founder of MicroStrategy, plans to sell 310,000 shares that were granted to him as an option a decade ago and will expire in April 2024.
Saylor announced during MicroStrategy’s third-quarter 2023 earnings call that he intends to sell 5,000 shares daily from January 2nd for a period of four months. This planned selling schedule allows him to sell the entire share package by mid-April.
“Using this option will enable me to fulfill my personal obligations and add more bitcoins to my personal account,” Saylor stated.
Despite recent losses as Bitcoin’s price dropped nearly 80% from its peak in November 2021, Saylor remains optimistic about the future of MicroStrategy. The anticipation of spot Bitcoin ETFs has caused the price to rise, resulting in growth in the company’s Bitcoin holdings. MicroStrategy is one of the largest publicly known owners of Bitcoin, having purchased an additional $600 million worth in November. At present, the company holds approximately $5.28 billion in Bitcoin.