Michael Saylor, the chairman of the board of MicroStrategy, a US-based software company and the largest corporate investor in Bitcoin (BTC), has filed a regulatory application with the US Securities and Exchange Commission (SEC) to sell $216 million worth of company shares. It is anticipated that Saylor will use the proceeds from these sales to purchase additional Bitcoin.
The filing reveals Saylor’s intention to sell a stock award of 310,000 shares granted in 2014, which is due to expire in April. He previously announced plans to sell up to 5,000 shares per trading day over the next four months, subject to a minimum price condition, during MicroStrategy’s Q3 2023 earnings call.
Initially mentioned in a 10-Q filing that allowed for the sale of up to 400,000 vested shares by April 26, Saylor stated that exercising this option would enable him to fulfill personal obligations and acquire additional Bitcoin for his personal account. He added, “I remain optimistic about MicroStrategy’s prospects and must note that my equity stake in the company will continue to be substantial after these sales.”
After its latest Bitcoin purchase in December, MicroStrategy currently holds approximately 189,000 BTC, making it the largest corporate Bitcoin investor, with an estimated value of approximately $8.5 billion at current prices.
Bitcoin, the largest cryptocurrency, has surged over 160% throughout 2023, which has contributed to the upward trend in MicroStrategy’s stock prices. Recently, the company’s shares gained 8.5% during the trading session on January 2, defying the general decline in crypto-focused stocks.
Meanwhile, Bitcoin’s price is trading above $45,000 as market participants anticipate the SEC’s approval of at least one spot Bitcoin exchange-traded fund (ETF) in the coming days. Such approval is expected to attract both individual and institutional investors to Bitcoin.