MicroStrategy’s co-founder Micheal Saylor looks to be building a ‘Bitcoin Strategy’ of his own. This can deduced from a recent report, which shows that he has begun to sell off some of his company’s stocks in a bid to acquire more of the flagship cryptocurrency.
Saylor Sells MicroStrategy Shares
According to a Bloomberg report, Michael Saylor sold between 3,882 and 5,000 MicroStrategy shares on certain days leading up to the SEC’s approval of the Spot Bitcoin ETFs. These sales are reported to have earned the company’s co-founder over $20 million in total. This is said to be the first time that he has sold shares in nearly 12 years.
Saylor will be using some of the profits made from these sales to invest in Bitcoin. Bitcoinist had previously reported Saylor’s plan to sell up to 315,000 of the company’s shares in order to boost his BTC holdings. These shares formed part of the stock option that Saylor had received from the company back in 2014.
As part of his plan, the MicroStrategy co-founder will sell around 5,000 shares on each trading day till April 26. Having developed the company’s ‘Bitcoin Strategy,’ Saylor looks to be going all in on the flagship crypto token. He is known to be one of the most vocal advocates of Bitcoin, and this is further evidence of his long-term bullishness.
Interestingly, Saylor had tipped 2024 to be a great year for Bitcoin. He highlighted certain factors as the reason why he was so bullish on Bitcoin going into this year. He had also hinted that the crypto token was going to keep seeing significant price increases. As such, it is not surprising that Saylor is looking to acquire as much BTC as he can.
BTC price struggles below $43,000 | Source: BTCUSD on Tradingview.com
Is MicroStrategy A Casualty Of The Bitcoin ETF Approval?
Data from MarketWatch shows that MicroStrategy’s stock is down over 23% in the last five days. This is significant, considering that it was predicted that the company may suffer a setback following the approval of the Spot Bitcoin ETFs. This prediction is based on the belief that some investors may have gotten in on the MSTR stocks in a bid to gain some kind of exposure to BTC.
However, with Spot Bitcoin ETFs now in place, these investors may look to rotate some of their funds from MicroStrategy into these investment vehicles. Such sell-offs will undoubtedly have an effect on the stock’s price which could be the cause of MSTR’s recent decline.
Saylor had previously commented on these Bitcoin ETFs providing some form of competition to his company. He didn’t seem bothered by this happening, though, as he stated that MicroStrategy has a unique offering that these funds cannot emulate.
Featured image from Business Insider, chart from Tradingview.com
Credit: Source link
