MicroStrategy founder Michael Saylor will begin implementing a daily selling plan for MicroStrategy stocks, worth approximately $216 million. Michael Saylor will personally use these funds to buy more Bitcoin.
Background:
The United States accounting standards update cryptocurrencies to “measurable fair value accounting”; Michael Saylor praises: good news for companies holding Bitcoin.
Michael Saylor, the founder of MicroStrategy, is one of the biggest believers in Bitcoin. According to SEC documents, Michael Saylor will begin implementing a daily selling plan, selling 315,000 shares of MicroStrategy stock (code: MTSR), worth approximately $216 million.
Michael Saylor’s options expire, funds used for personal Bitcoin purchases.
It is understood that the plan will start on January 2nd of this year and continue until April 25th, selling 5,000 shares per day. During a conference call in the third quarter of last year, Michael Saylor stated that these stocks were acquired through options in 2014 when he chose to receive only a $1 salary. If these options are not exercised, they will expire. Saylor plans to use the proceeds from the stock sales for personal financial planning, including purchasing Bitcoin. He stated:
Not only has Michael Saylor recently publicly announced his choice to accumulate more Bitcoin, but since October, MicroStrategy has already undergone three consecutive rounds of accumulation. On December 27th, they announced an additional purchase of 14,620 BTC at a price of approximately $615.7 million, with an average price of $42,110. As of December 26th, 2023, MicroStrategy now holds 189,150 BTC, acquired at a price of approximately $5.9 billion, with an average price of $31,168 per Bitcoin.
MicroStrategy stock prices continue to rise.
Since Michael Saylor acquired stock options in 2014, the price of MicroStrategy stock has mostly fluctuated between $100 and $200. However, it is worth noting that during the cryptocurrency bull market in 2021, the price of MicroStrategy stock briefly exceeded $1,000.
Today, when the U.S. stock market opened, all three major indices experienced a decline. The Dow Jones Industrial Average fell by 0.50%, the Nasdaq Composite Index fell by 0.92%, and the S&P 500 Index fell by 0.63%. Meanwhile, blockchain-related concept stocks saw an increase instead of a decline. The stock price of mining company Marathon Digital rose by over 13%, Riot Platforms’ stock price rose by over 10%, and MicroStrategy’s stock price rose by over 9%, reaching a recent high.
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