- MicroStrategy’s founder, Michael Saylor, has announced plans to sell 315,000 shares of the company over the next four months.
- Saylor intends to use the proceeds from the sale to address personal financial obligations and purchase Bitcoin.
- The shares are expected to be sold between January 2 and April 25, 2024, as originally announced by Saylor last fall.
In total, the sale of these shares is estimated to be worth around $216 million.
Saylor’s decision to sell a portion of his MicroStrategy shares comes as the company remains one of the largest holders of Bitcoin, currently owning 189,150 BTC, valued at approximately $8.6 billion.
The company recently expanded its Bitcoin reserves by purchasing an additional 14,620 BTC in December.
MicroStrategy’s stock price has soared from $141 to $693 since the beginning of 2023, according to TradingView. However, experts at 10x Research caution that the shares may be overvalued.
In related news, YieldMax, an investment company, has applied for an ETF that would include options on MicroStrategy shares.