Michael Saylor, co-founder of business intelligence company MicroStrategy Inc. MSTR, has sold company shares valued at approximately $216 million.
What Happened: According to a Bloomberg report on Wednesday, Saylor has sold nearly $216 million worth of shares in MicroStrategy, a company he co-founded and the largest publicly traded holder of Bitcoin.
The 315,000 shares that were sold were acquired through stock options, as mentioned in Tuesday’s filing. A spokesperson for MicroStrategy confirmed to Bloomberg that the company had previously disclosed a plan for Saylor to offload up to 400,000 stocks between January 2 and April 26 this year.
See Also: Airship AI Makes Its Debut On The Nasdaq After Completing Merger With BYTE Acquisition Corp.
The shares of MicroStrategy have seen an increase of 372% over the past year, with the company reaping benefits from the Bitcoin BTC/USD rally. On Tuesday, the shares closed at just over $685, the highest level since December 2021.
MicroStrategy increased its total Bitcoin holdings to more than $8 billion through additional purchases. Saylor has asserted that despite the approval of spot Bitcoin ETFs in the US, MicroStrategy will remain an enticing investment option for those looking for exposure to Bitcoin.
Why It Matters: The sale of such a substantial amount of shares by Saylor comes as MicroStrategy acquired 14,620 BTC at an average price of $42,110 each for a total value of $615.7 million last week. Based on its latest filing with the Securities and Exchange Commission (SEC), MicroStrategy holds 189,150 BTC — a $5.9 billion value — at an average price of $31,168 per BTC.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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