- Michael Saylor plans to sell $216 million worth of his MicroStrategy shares to purchase bitcoin personally and address financial obligations
- MicroStrategy remains the largest publicly traded corporate holder of bitcoin with 189,150 BTC worth $8.55 billion
- Bitcoin has surpassed $45,000, reaching its highest price level since April 2022
Michael Saylor plans to use the funds to purchase bitcoin and address financial obligations. MicroStrategy remains the largest corporate holder of bitcoin.
Background on Saylor’s Share Sale
Saylor was granted stock options for 400,000 shares in 2014 that are expiring in April 2023. He plans to sell 5,000 shares per day between January 2 and April 25, 2023.
Saylor announced this during MicroStrategy’s Q3 2022 earnings call in November. He said he would use the funds to buy more bitcoin personally and address financial obligations.
Impact on MicroStrategy
MicroStrategy shares have risen 216% in the past month. The stock closed up 8.48% at $685.15 on Tuesday.
The company continues to be the largest publicly traded corporate holder of bitcoin. MicroStrategy has accumulated 189,150 BTC, worth $8.55 billion at current prices, after its latest purchase of 14,620 BTC in December.
Bitcoin Price Action
Bitcoin edged up 0.4% over the past 24 hours to trade at $45,182 at 9:30 am Hong Kong time on Wednesday, according to Block data. The world’s largest cryptocurrency surpassed $45,000 on Tuesday, its highest level since April 2022.
Disclosure
The Block is an independent media outlet owned by Foresight Ventures, which invests in crypto companies. The Block operates independently to deliver news, research and data about the crypto industry.
