Michael Saylor is ready to offload 315,000 MicroStrategy shares. Yes, he plans to buy more BTC.
MicroStrategy stock dipped early Wednesday after a filing indicated the company founder’s share offload has commenced
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MicroStrategy founder Michael Saylor is set to offload a few hundred thousand shares of his company’s stock over the coming months.
Saylor plans to use some of the sale proceeds to buy more bitcoin. He explained during the company’s earnings call in November that he was granted a stock option of 400,000 shares in 2014. They are set to expire in April.
A Tuesday filing indicates the MicroStrategy executive is set to sell 315,000 shares. Those shares were worth roughly $216 million as of Wednesday morning.
“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 said on the call. “Exercising this option will allow me to address some financial obligations as well as to acquire additional bitcoin for my personal account.”
The trading plan calls for selling 5,000 shares of MicroStrategy per trading day, from Jan. 2 to April 25. It appears Saylor has not sold MicroStrategy stock since 2012, according to Openinsider data.
MicroStrategy stock is up about 350% in the trailing year, as of 9:30 am ET Wednesday. The company’s share price had dropped nearly 6% 10 minutes after the market opened.
The price of bitcoin has increased about 150% from a year ago.
Read more: MicroStrategy stock has advantages over planned spot bitcoin ETFs: Saylor
MicroStrategy is the largest publicly traded holder of bitcoin, with a BTC stack totaling 189,150 bitcoins, as of Dec. 27.
“I continue to be optimistic about MicroStrategy’s prospects and should note that my equity stake in the company after these sales will remain very significant,” Saylor said during his company’s November call.
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