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Bitcoin Michael Saylor

Michael Saylor Starts His $216 Million Bitcoin Purchase, Here’s His Plan

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.”

Related Reading: New Filing Reveals Morgan Stanley Opportunity Fund’s Potential $140 Million Bitcoin Move

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.”

Michael ‘Gigachad’ Saylor is going to sell 5,000 shares of MSTR every day starting today until April 25th, 2024 in order to buy more personal #Bitcoin

No one will out-stack the GOAT 🐐 🤯 pic.twitter.com/0w5mU75Q79

— The ₿itcoin Therapist (@TheBTCTherapist) January 3, 2024

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.

Related Reading: Michael Saylor Says “The Year Of Bitcoin” Has Arrived, Here’s What He Means

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
Featured image from michael.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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