Michael Saylor begins buying $216 million worth of Bitcoin. Here’s his plan:

MicroStrategy chairman and co-founder Michael Saylor has begun selling 315,000 shares of the company’s stock, worth a total of $216 million, with the intention of expanding his personal Bitcoin holdings. This decision, first announced during MicroStrategy’s third quarter 2023 earnings call, demonstrates his commitment and confidence in BTC.

Saylor will strengthen his personal Bitcoin holdings.

Mr. Saylor, a well-known industry figure, said in a November call, “I was granted stock options for 400,000 shares in 2014, and if they are exercised around then, they will expire in April of next year.” Saylor has now chosen this option, as evidenced by a filing with the Securities and Exchange Commission (SEC) yesterday.

Last November, he explained, “At my request, for almost 10 years the company has paid me only $1 in salary and has chosen not to allow me to receive a cash bonus.” By executing this option, you will not only be able to take care of your financial obligations but also earn additional Bitcoins into your personal account.”

Through an elaborate plan, he aims to sell around 5,000 shares per day between January 2 and April 25, 2024, subject to meeting minimum price conditions.

“Under my trading plan, I plan to exercise and sell 5,000 shares on each trading day from January 2 to April 25, 2024, subject to the lowest price conditions. This means the sale will take place over almost four months,” Saylor elaborated, emphasizing his long-term commitment to the company and Bitcoin.”

Michael ‘Gigachad’ Saylor plans to sell 5,000 shares of MSTR stock every day from today until April 25, 2024 to buy more personal assets. #Bitcoin

No one can surpass the GOAT 🐐 🤯 pic.twitter.com/0w5mU75Q79

— ₿itcoin Therapist (@TheBTCTherapist) January 3, 2024

According to a Q-10 filing with the SEC on Nov. 1, Saylor was authorized to sell up to 400,000 shares of his vested option between Jan. 2 and April 26 of this year. Despite the sale, Saylor retained a “significant” stake in MicroStrategy, reinforcing his confidence in both companies.

MSTR surpasses BTC

MicroStrategy (MSTR) stock has had a great year in 2023, up more than 375%. Moreover, MSTR rose 12.43% over the past five days alone, closing at $685.15 on Tuesday.

This increase coincides with the company’s aggressive investment in BTC, maintaining its position as the largest publicly traded holder of the leading digital currency. Surprisingly, MicroStrategy has outperformed Bitcoin, which has gained 165% in the past year.

The company further solidified its massive Bitcoin reserves by purchasing an additional 14,620 BTC for $615 million on December 27. Acquired last December, the company’s total Bitcoin holdings amount to 189,150 BTC, worth $8.55 billion at current market prices.

At press time, Bitcoin was trading at $45,443. On Tuesday, BTC price reached its highest level. Highest level since April 2022 $45,934. Remarkably, this reflects 7.6% year-to-date.

Featured image from michael.com, chart from TradingView.com