MicroStrategy founder Michael Saylor will be selling a few hundreds of thousands of shares over the course of the next months.
Saylor intends to spend some of the proceeds from the bitcoin sale to purchase more. He said during the earnings call of his company in November, that he had been granted a 2014 stock option for 400,000 shares. These options expire on April.
According to a filing on Tuesday, MicroStrategy’s executive will be selling 315,000 shares. The shares, valued at approximately $216 millions as of early Wednesday morning.
“For almost a decade now at my request, the company has only paid me a $1 salary and I’ve chosen not to be eligible for any cash bonuses,” Saylor was on the line. “Exercising this option will allow me to address some financial obligations as well as to acquire additional bitcoin for my personal account.”
From Jan. 2, to April 25, the trading plan calls on selling 5,000 MicroStrategy shares per day. According to Openinsider, it appears Saylor is not selling MicroStrategy since 2012.
As of Wednesday morning, 9:30 AM ET, MicroStrategy’s stock was up 350% over the past year. Ten minutes after market opening, the share price of MicroStrategy had declined by almost 6%.
Price of Bitcoin has increased by 150% since last year.
MicroStrategy, the world’s largest public bitcoin investor, has a BTC pile totaling 189.150 Bitcoins. This was as of 27th December.
“I continue to be optimistic about MicroStrategy’s prospects and should note that my equity stake in the company after these sales will remain very significant,” Saylor spoke during the November conference call of his company.
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