According to a filing with the US Securities and Exchange Commission (SEC), Microstrategy’s executive chairman, Michael Saylor, is selling $216 million of his company’s shares. The pro-bitcoin executive plans to spend a portion of the revenues to buy more bitcoin for his own holdings.
Michael Saylor Plans to Buy More Bitcoin for Himself
Microstrategy (Nasdaq: MSTR)’s executive chairman, Michael Saylor, plans to sell 315,000 shares of his company’s common stock worth $216 million, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Jan. 2.
Saylor’s plan to sell up to 400,000 shares of company stock over the next four months was previously disclosed by Microstrategy. The Nasdaq-listed company said in its November 10-Q filing with the SEC that the pre-arranged 10b5-1 trading plan, triggered by a stock option that expires on April 30, 2024, entails daily sales of 5,000 shares contingent on a minimum price condition.
Saylor stated during Microstrategy’s Q3 2023 earnings call on Nov. 2, 2023, that he intends to utilize some of the money to purchase more bitcoin for his own account.
“I was granted a stock option in 2014 with respect to 400,000 shares, which is going to expire next April if I don’t exercise it by then,” the head of the company said. “For almost a decade now at my request, the company has only paid me a $1 salary and I’ve chosen not to be eligible for any cash bonuses.” Saylor went on to say:
Exercising this option will allow me to address some financial obligations as well as to acquire additional bitcoin for my personal account.
Saylor has not recently announced how much bitcoin he owns, although he stated in October 2020 that he personally owns 17,732 BTC. Meanwhile, his software intelligence firm disclosed publicly that it held 189,150 bitcoin as of December 2023.
What are your thoughts on Microstrategy’s executive chairman, Michael Saylor, selling his company’s stock and intending to use the money to purchase more bitcoin for his own holdings? Please share your thoughts in the comments box below.