MicroStrategy's CEO to Sell Company Shares and Invest in Bitcoin
Date: 2024-01-03 Author: Dima Zakharov Categories: BUSINESS
Michael Saylor to Divest MicroStrategy Shares for Bitcoin Investment
In a bold and unprecedented move, Michael Saylor, the Executive Chairman of the renowned technology firm MicroStrategy, has revealed his intention to divest his holdings of MicroStrategy shares to acquire Bitcoin. This decision was disclosed through a filing with the U.S. Securities and Exchange Commission (SEC) in which Saylor outlined his plans to part with 315,000 MicroStrategy shares valued at $215.8 million at the current market price. On January 2nd, Saylor initiated his first sale of 5,000 shares and intends to complete the divestment of all his assets within the next four months.
Details of Michael Saylor's MicroStrategy Share Sale
Saylor stated, "This [sale of shares] will allow me to fulfill personal commitments and acquire even more Bitcoins. Despite selling these shares, I will continue to retain a significant stake in MicroStrategy." While the exact amount Saylor intends to invest in Bitcoin remains undisclosed, it is clear that the cryptocurrency has piqued his interest as well as that of MicroStrategy.
On December 27th, MicroStrategy made headlines by acquiring 14,620 Bitcoins for $615 million, now holding a total of 189,150 coins valued at $8.6 billion. Thanks to the bullish rally in the BTC market, MicroStrategy has seen an unrealized profit of 44% ($2.6 billion) from its Bitcoin investments.
