MicroStrategy founder Michael Saylor will begin implementing a daily selling plan of MicroStrategy stocks, worth approximately $216 million. Michael Saylor will use the proceeds from this plan to personally buy more Bitcoin.
Michael Saylor, the founder of MicroStrategy, is one of the biggest believers in Bitcoin. According to SEC documents, Michael Saylor will start implementing a daily selling plan, selling 315,000 shares of MicroStrategy stock (ticker symbol MTSR), worth approximately $216 million.
The plan is set to begin on January 2nd and continue until April 25th, with 5,000 shares being sold every day. In a conference call during the third quarter of last year, Michael Saylor mentioned that these stocks were based on options acquired in 2014 when he chose to receive a salary of only $1. If these options are not exercised, they will expire. Saylor plans to use the proceeds from selling the stocks for personal financial planning, including purchasing Bitcoin. He stated:
“It’s not just Michael Saylor who has recently expressed his decision to buy more Bitcoin. As early as October, MicroStrategy has already had three consecutive purchases. 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, MicroStrategy now holds 189,150 BTC, acquired at an average price of $31,168 per Bitcoin, worth approximately $5.9 billion.”
Further reading:
Breaking News: MicroStrategy buys another 14,620 BTC! HODL strategy earns $2.2 billion
MicroStrategy stock price continues to rise. Since Michael Saylor acquired stock options in 2014, the stock price of MicroStrategy has fluctuated between $100 and $200 for most of the time. However, it is worth noting that during the cryptocurrency bull market in 2021, the stock price of MicroStrategy briefly exceeded $1,000.
MicroStrategy stock price | Source: Google Finance
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%. However, blockchain-related concept stocks rose instead of falling. The stock price of mining company Marathon Digital rose by more than 13%, Riot Platforms’ stock price rose by more than 10%, and MicroStrategy’s stock price rose by over 9%, reaching new highs in recent times.
Related reports
MicroStrategy’s new major shareholder! Options company Group One purchases 13.5% stake, becoming the second-largest shareholder
Michael Saylor: Bitcoin has bottomed out! Expected to return to $69,000
Michael Saylor: MicroStrategy is exploring the Lightning Network for Bitcoin, developing enterprise application solutions.