MicroStrategy’s co-founder Michael Saylor is planning to sell his company’s stocks worth almost $216 million in exchange for more Bitcoin. A portion of proceedings from the four-month process of selling MicroStrategy shares will be used to buy Bitcoins. According to Bloomberg, 315,000 shares were acquired via stock options. Additionally, Saylor is expected to sell nearly 400,000 shares up until April 26 this year.
Michael Saylor sells MicroStrategy stock in favour of Bitcoin
Saylor co-founded MicroStrategy in 1989 and turned it into the world’s largest publicly traded holder of Bitcoin. On Tuesday, its shares closed at a little over $685 after a 372% surge last year. This is the highest value MSTR closed at since December 2021.
MicroStrategy’s Bitcoin holdings now worth over $8.5 billion
Last year, in December, MicroStrategy purchased an additional 14,620 Bitcoin for $615 million. This increased the company’s total Bitcoin holdings to 189,150 Bitcoin, worth nearly $8.5 billion. Saylor announced his company’s latest holdings in an X, formerly Twitter post dated December 27, 2023.
“MicroStrategy has acquired an additional 14,620 BTC for ~$615.7 million at an average price of $42,110 per #bitcoin. As of 12/26/23,@MicroStrategy now holds 189,150 $BTC acquired for ~$5.9 billion at an average price of $31,168 per bitcoin. $MSTR,” Saylor wrote.
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