MicroStrategy’s executive chairman Michael Saylor entered into a stock-sale agreement with the company last year to sell up to 400,000 shares in the first four months of 2024. With 90% of the sales completed to make $370 million profit before Bitcoin halving, will Michael Saylor sell the rest of MSTR shares for Bitcoin?

Moreover, MicroStrategy hasn’t bought the dip in Bitcoin price yet and an announcement is most likely before Bitcoin price confirms a reversal for a new all-time high.

Michael Saylor to Sell More MicroStrategy Shares?

MicroStrategy founder and executive chairman Michael Saylor has pocketed $370 million from MicroStrategy stock sale. As per the stock-sale agreement, Bitcoin evangelist Saylor can sell up to 400,000 shares in the first four months of 2024.

However, Michael Saylor has sold only 90% of shares in the plan, with 10% of stocks still left to sell as per the stock-sale agreement. Saylor’s Class A holdings of MicroStrategy shares are down 30,000 shares after the latest sale disclosed on Thursday. He sold MSTR shares worth $3,023,309 with sales prices for these shares between $1,189.12 and $1,258.05, as per a filing with the U.S. SEC.

The increase in Bitcoin price in anticipation of spot Bitcoin ETFs and Bitcoin halving helped MicroStrategy stock price to rally nearly 100% since the start of the year. There are high odds of Michael Saylor selling MSTR sales and MicroStrategy announcing further Bitcoin buying next week. The company has been raising funds to buy Bitcoin and MicroStrategy prefers the dip.

Also Read: Ripple Vs SEC Update — Important Make or Break Moment In Lawsuit, XRP Price

MicroStrategy Bitcoin Holdings and Price Performance

MicroStrategy currently owns 214,246 BTC, holding 1% of all Bitcoin in the world after the latest buy of 9,245 BTC for $623 million. Saylor is the largest shareholder of MicroStrategy, with Class B holdings worth about $2.3 billion. Thus, the recent strategic sales of MSTR shares are not indicative of faith in MicroStrategy and Bitcoin.

MSTR price saw a 37% pullback from its March high, with a 15% drop coming this week as Bitcoin price saw a significant downfall. However, MicroStrategy shares are still up 81% YTD and 346% in 2023, becoming one of the top performers in the market.

Bitcoin price fell over 1% in the past 24 hours, with the price currently trading at $63,952. The 24-hour low and high are $63,036 and $65,381, respectively.The market remain bullish on further upside movement in BTC price.

Also Read: Bitcoin ETF — BlackRock, Fidelity Shows Recovery Signs, BTC Price To Rally Next Week?

The post Michael Saylor’s MicroStrategy May Reveal More Bitcoin Buy Next Week appeared first on CoinGape.

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