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MicroStrategy's Michael Saylor Initiates $216 Million Stock Options Sale for Bitcoin Purchase

Jonathan Wong

Jonathan Wong

03 January 2024

Michael Saylor, Executive Chairman of MicroStrategy, has commenced the sale of $216 million in company stock options, aiming to settle personal debts and increase his personal Bitcoin holdings. The regulatory filing with the U.S. Securities and Exchange Commission reveals the plan to sell 310,000 stock option awards granted in 2014, set to expire in April.

Saylor plans to sell 5,000 shares per trading day for the next four months, subject to a minimum price requirement. He expressed optimism about MicroStrategy's prospects, highlighting the company's significant equity stake post-sales. MicroStrategy, currently the largest corporate Bitcoin holder with 189,000 BTC worth $8.5 billion, witnessed an 8.5% stock rise despite market declines in cryptocurrency-related stocks.

The move aligns with Saylor's strategy to accumulate Bitcoin, and it comes amid the cryptocurrency's rising value, trading near $45,000. MicroStrategy's aggressive Bitcoin acquisitions have positioned it as a prominent player in the corporate cryptocurrency space.

Market anticipation is high for potential approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission, expected to enhance Bitcoin's exposure to institutional and retail investors in the coming weeks.