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Michael Saylor sold a stake in MicroStrategy ahead of the launch of a Bitcoin ETF

Market and Events: Michael Saylor sold a stake in MicroStrategy ahead of the launch of a Bitcoin ETF

According to a report by Bloomberg, Michael Saylor, the founder of MicroStrategy, divested shares in the company prior to the U.S. Securities and Exchange Commission's approval of spot bitcoin-ETF applications.

This move, which took place between January 2 and January 10, 2024, saw Saylor sell anywhere from 3882 to 5000 shares, amounting to over $20 million. Notably, this is the first time in 12 years that the head of #MicroStrategy has sold shares.

A spokesperson for the company confirmed the sale of the securities, emphasizing that it was part of a pre-existing plan and unrelated to the recent #ETF approval. As per the plan, up to 5,000 shares will be sold daily between January 2 and April 26, 2024, with a total of up to 400,000 shares expected to be sold during this period.

Earlier in 2024, reports surfaced that #Saylor intended to sell 315,000 shares of the company for approximately $216 million, with a portion of the proceeds earmarked for bitcoin purchases.

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