CHZIndustry Analysis

Michael Saylor Starts His $216M Bitcoin Buy, Here’s His Plan

2 Mins read

Michael Saylor, executive chairman and co-founder of MicroStrategy, has initiated the sale of 315,000 company shares, totaling nearly $216 million, with intentions to expand his personal Bitcoin holdings. This decision, initially announced during MicroStrategy’s third-quarter earnings call in 2023, is a testament to his dedication to and confidence in BTC.

Saylor Will Bolster His Personal Bitcoin Holdings

Saylor, a prominent figure in the industry, stated during the November call, “I was granted a stock option in 2014 with respect to 400,000 shares, which is going to expire next April if I exercise it by then.” Saylor has now pulled this option, as yesterday’s filing with the US Securities and Exchange Commission (SEC) shows.

In November, he explained, “For almost a decade now, at my request, the company only paid me a $1 salary and I have chosen not to be eligible for any cash bonuses. Exercising this option will allow me to address financial obligations as well as to acquire additional Bitcoin for my personal account.”

In an elaborate plan, he aims to sell around 5,000 shares each trading day from January 2 to April 25, 2024, contingent on meeting a minimum price condition.

“Under my trading plan, I plan to exercise and sell 5,000 shares on each trading day, beginning on January 2, 2024 and ending on April 25, subject to a minimum price condition. This means the sale will take place over almost four months,” Saylor elaborated, highlighting his long-term commitment to the company and Bitcoin.”

Based on a Q-10 filing with the SEC on November 1, Saylor is authorized to sell up to 400,000 shares from his vested options in the timeframe extending from January 2 to April 26 of this year. Despite the sale, Saylor maintains a “significant” stake in MicroStrategy, reinforcing his confidence in both the company.

MSTR Outperforms BTC

MicroStrategy (MSTR) stock has had a fabulous 2023, rising more than 375%. Moreover, MSTR is up 12.43% in the last 5 days alone, closing at $685.15 on Tuesday.

This increase aligns with the company’s aggressive investment in BTC, maintaining its position as the largest listed corporate holder of the premier digital currency. Remarkably, MicroStrategy has even outperformed Bitcoin which enjoyed a 165% rally last year.

The company’s December 27 purchase of an additional 14,620 BTC for $615 million further solidified its mammoth Bitcoin reserve. With its latest acquisition in December, the firm’s total Bitcoin holdings amount to 189,150 BTC, valued at $8.55 billion at current market prices.

At press time, Bitcoin traded at $45,443. On Tuesday, the BTC price reached its highest level since April 2022 at $45,934. Impressively, this reflects a 7.6% year-to-date.

Bitcoin price
BTC price remains above $45,000, 1-day chart | Source: BTCUSD on TradingView.com
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Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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