BTC
by BSC News
April 19, 2024
Under a prearranged stock-sale plan, Saylor sold shares at prices between $1,189.12 and $1,258.05, leveraging MicroStrategy's transformation into a bitcoin holding company.
Michael Saylor, the founder of MicroStrategy and a prominent Bitcoin advocate, has profited this year by selling Microstrategy stock, capitalizing on the dramatic rise in the firm's market value, driven largely by its substantial Bitcoin investments.
Under a stock-sale plan formulated last summer, Saylor was authorized to sell up to 400,000 shares of MicroStrategy in the first four months of 2024.
With the plan now over 90% complete, Saylor has sold shares amounting to approximately $370 million, according to CNBC. This includes his most recent transaction on Wednesday, where he unloaded shares valued at $3,023,309, with individual prices ranging between $1,189.12 and $1,258.05.
MicroStrategy's strategic pivot to transform into a Bitcoin holding entity has paid dividends, not just for the company but also for Saylor. Since mid-2020, when MicroStrategy began acquiring Bitcoin aggressively, it has amassed more than 214,000 Bitcoins.
These holdings, approximately 1% of all bitcoins in existence, are now valued at around $13.8 billion. This asset base underpins MicroStrategy's current market cap of $21.3 billion.
MicroStrategy's stock surged 91% this year alone, despite experiencing a 37% pullback from its peak in March. The stock soared by 346% in 2023, marking it as one of the top performers in the U.S. stock market during that period.
As of writing, MicroStrategy $MSTR is trading at $1,208, reflecting a resilient bullish trend despite recent market volatility.
Despite recent market fluctuations, with Bitcoin price witnessing a significant drop but recovering to $65,000, Saylor remains optimistic about the future of both MicroStrategy and Bitcoin. He predicts that Bitcoin could rally beyond $100,000, possibly reaching as high as $350,000 during the 2024 bull run.
Bitcoin is trading at $64,477, with almost no change over the last 24 hours, as of writing.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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