One of the largest corporate Bitcoin holders, MicroStrategy Inc., known for its massive acquisition of Bitcoin (BTC), has surprised many with its strategy, whether Bitcoin is trading below $20,000, above $30,000, or even above $40,000.
Michael Saylor selling MSTR shares for personal Bitcoin investment
Amid its acquisition, recent attention-grabbing news occurred as Chairman Michael Saylor plans to sell MicroStrategy’s NASDAQ: MSTR shares worth around $216 million for personal Bitcoin investment, as per a recent filing with the Securities and Exchange Commission. The planned sale involves 310,000 stock option awards granted in 2014.
MicroStrategy’s closing price on Jan. 2 at $685.15 values Saylor’s holding at $216 million. Saylor aims to divest up to 400,000 shares within a four-month window, following a minimum price condition, allowing him to address personal obligations and acquire more Bitcoin.
Saylor clarified in MicroStrategy’s 2023 third-quarter earnings call that despite the sale, he remains optimistic about the company’s prospects, emphasizing that his equity stake in MicroStrategy will continue to be significant.
MicroStrategy’s dominance as the largest corporate Bitcoin holder
MicroStrategy, known for its substantial Bitcoin holdings, recently purchased 14,620 Bitcoins for $616 million, increasing its total holdings to 189,150 Bitcoins valued at over $8 billion. This positions the company as the largest listed corporate holder of Bitcoin among public companies, representing 1% of all Bitcoins currently in circulation.
Currently, MSTR is trading near $685, and on January 2, 2023, it surged over 8%. In the last 30 days, it surged more than 21%. Apart from MSTR’s significant price surge, if we look at its chart, it appears to be a clear replica of the BTC chart. With this recent MSTR share sale plan by Saylor, we might see market corrections.
However, Bitcoin is still trading above the $35,000 level, and overall crypto market sentiment is positive, showing excitement amid the potential approval of a spot Bitcoin ETF. Additionally, MicroStrategy’s Bitcoin acquisitions this year and the Bitcoin filing applications by major asset management firms, including BlackRock and Fidelity, have attracted numerous investors into the crypto landscape.
