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As MicroStrategy's stock continues to perform strongly, Executive Chairman Michael Saylor hints at further Bitcoin acquisitions next week, following a significant $370 million profit from recent stock sales.
Michael Saylor Nears Completion of Planned Stock Sales, Eyes Further Bitcoin Investments
MicroStrategy's executive chairman, Michael Saylor, signed a stock-sale agreement last year to sell up to 400,000 shares during the first four months of 2024, Coingape reported. Will Michael Saylor sell the remaining MSTR shares for Bitcoin now that 90% of the sales have been completed, resulting in a $370 million profit before Bitcoin halves?
Furthermore, MicroStrategy has not purchased the Bitcoin price drop yet, and an announcement is expected before the Bitcoin price confirms a reversal for a new all-time high.
MicroStrategy's creator and executive chairman, Michael Saylor, received $370 million from the company's stock sale. The stock-sale deal allows Bitcoin advocate Saylor to sell up to 400,000 shares in the first four months of 2024.
However, Michael Saylor has only sold 90% of the plan's shares, leaving 10% to sell under the stock-sale agreement. Following the last sale on Thursday, Saylor's Class A holdings in MicroStrategy are down 30,000 shares. According to a filing with the U.S. SEC, he sold $3,023,309 in MSTR shares at values ranging from $1,189.12 to $1,258.05.
The surge in Bitcoin price in anticipation of spot Bitcoin ETFs and Bitcoin halving has helped MicroStrategy's stock price rally nearly 100% since the beginning of the year. Michael Saylor will likely sell MSTR, and MicroStrategy will announce additional Bitcoin purchases next week. The company has been raising funds to purchase Bitcoin, and MicroStrategy favors the dip.
MicroStrategy Holds 1% of Global Bitcoin Amid Share Price Fluctuations and Market Optimism
Following the recent purchase of 9,245 BTC for $623 million, MicroStrategy now controls 214,246 BTC, accounting for 1% of the global Bitcoin market. Saylor is MicroStrategy's largest stakeholder, with Class B assets worth around $2.3 billion. Thus, recent strategic sales of MSTR shares do not reflect faith in MicroStrategy or Bitcoin.
The MSTR price fell 37% from its March high, and a further 15% decline is expected this week as the price of Bitcoin fell significantly. However, MicroStrategy's shares are still up 81% year to date and 346% in 2023, making it one of the market's top performers.
Bitcoin's price has fallen by more than 1% in the last 24 hours and is presently trading at $63,952. The 24-hour low and high are $63,036 and $65,381, respectively. The market remains bullish on additional upward movement in the Bitcoin price.
