MicroStrategy founder Michael Saylor will begin implementing a daily plan to sell MicroStrategy stocks, worth approximately $216 million. Saylor plans to use these funds to personally buy more Bitcoin.
According to SEC documents, Michael Saylor will start a daily sell-off plan, selling 315,000 shares of MicroStrategy stock (symbol: MTSR), with a value of around $216 million.
The plan is set to begin on January 2nd of this year and continue until April 25th, with 5,000 shares being sold each day. During a conference call in the third quarter of last year, Michael Saylor mentioned that these stocks were based on options acquired in 2014, when he chose to only receive a salary of $1. If these options are not exercised, they will expire. Saylor plans to use the proceeds from selling the stocks for personal financial planning, including purchasing Bitcoin. He stated:
“It’s not just Michael Saylor who recently publicly announced his decision to increase his holdings of Bitcoin. As early as October, MicroStrategy has already had three consecutive rounds of additional purchases. On December 27th, it announced an additional purchase of 14,620 BTC at a price of approximately $615.7 million, at an average price of $42,110. As of December 26th, MicroStrategy now holds 189,150 BTC, acquired at a price of approximately $5.9 billion, with an average price of $31,168 per Bitcoin.”
Additional reading:
Breaking News: MicroStrategy buys another 14,620 Bitcoins! HODL strategy earns $2.2 billion
MicroStrategy stock prices continue to rise. Since Michael Saylor acquired stock options in 2014, the MicroStrategy stock price has mostly fluctuated between $100 and $200. However, it is worth noting that during the cryptocurrency bull market in 2021, the MicroStrategy stock price briefly surpassed $1,000.
MicroStrategy stock price | Source: Google Finance
Today (Day 3), all three major indices in the US stock market opened with declines. The Dow Jones Industrial Average fell by 0.50%, the Nasdaq Composite Index fell by 0.92%, and the S&P 500 Index fell by 0.63%. Meanwhile, blockchain-related stocks saw an increase in value, with Marathon Digital’s stock price rising by over 13%, Riot Platforms’ stock price rising by over 10%, and MicroStrategy’s stock price increasing by over 9%, reaching a recent high.
Related Reports
MicroStrategy’s new major shareholder! Option company Group One acquires 13.5% of shares, becoming the second-largest shareholder
Michael Saylor: Bitcoin has bottomed out! Expected to return to $69,000
Michael Saylor: MicroStrategy is exploring the Lightning Network for Bitcoin, developing enterprise application solutions