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Tuesday, February 20, 2024

MicroStrategy’s Saylor Is Selling $216 Million of Company’s Shares

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(Bloomberg) — Michael Saylor is selling almost $216 million worth of shares in MicroStrategy Inc., the software company he co-founded and turned into the largest publicly-traded holder of Bitcoin.

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The 315,000 shares were acquired via stock options, according to a filing on Tuesday. A MicroStrategy spokesperson said the company previously announced a plan for Saylor to sell as much as 400,000 of stock between Jan. 2 and April 26 this year.

MicroStrategy’s shares have surged 372% in the past year and closed Tuesday at just over $685, the highest level since December 2021. The company has benefited from a rally in the largest digital asset driven by expectations that the US will soon allow the nation’s first spot Bitcoin exchange-traded funds.

Read more: MicroStrategy Bitcoin Cache Tops $8 Billion With Latest Purchase

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The enterprise software maker increased its total holdings of the cryptocurrency to more than $8 billion through additional purchases last month.

Saylor has previously argued that the company will remain an attractive option to investors seeking exposure to Bitcoin even if the US approves spot Bitcoin ETFs.

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©2024 Bloomberg L.P.

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