Michael Saylor's Bold Move: Selling MicroStrategy Shares for More Bitcoin

Michael Saylor, the Executive Chairman of MicroStrategy, is making waves in the crypto world once again. Saylor recently announced his plan to sell $216 million worth of his MicroStrategy shares over the next four months. But what's the reason behind this bold move? Well, it turns out Saylor wants to use the proceeds to buy even more Bitcoin (BTC)!

According to a recent filing with the U.S. Securities and Exchange Commission, Saylor began selling his 315,000 stock options on January 2nd. These options, which were awarded back in April 2014, are set to expire by April 30, 2024.

Starting with an initial set of 5,000 shares, Saylor is planning to sell approximately 5,000 shares per day over the next four months. Of course, this selling spree is contingent on the shares meeting a predetermined minimum price, a strategy that Saylor revealed during MicroStrategy's third-quarter earnings call in November 2nd.

While this may seem like a surprising move, it's important to note that Saylor has some personal financial obligations to fulfill and wants to increase his personal Bitcoin holdings. However, despite these sales, he will still maintain a significant equity interest in MicroStrategy.

A Bitcoin Boom Amidst the Sale

It's worth mentioning that Saylor's decision to sell comes at a time when Bitcoin prices have been experiencing a significant rally. In fact, Bitcoin saw a staggering 170% increase in value from the beginning of last year. Interestingly, MicroStrategy's stock has actually outperformed the cryptocurrency, boasting a 411% gain, according to Yahoo Finance data.

With MicroStrategy currently holding the title for the top institutional Bitcoin holder, it will be fascinating to see how they fare against fierce competitors like Blackrock, Fidelity, and Grayscale in the race for the first U.S. approval of a spot Bitcoin ETF. There's even speculation that approval could come as soon as January 10th!

As of late December 2023, MicroStrategy has accumulated a whopping 189,150 BTC, which they purchased for a total of $5.9 billion over the years. Saylor firmly believes that even if spot Bitcoin ETFs are approved in the U.S., his company will remain an attractive option for investors looking to gain exposure to the world's most popular cryptocurrency.