MicroStrategy CEO Michael Saylor Cashes In on Bitcoin Bet, Sells Shares Worth $370M

MicroStrategy founder and Bitcoin advocate Michael Saylor has sold a significant portion of his company's stock, netting approximately $370 million. This windfall is largely attributed to MicroStrategy's substantial Bitcoin investments, which have driven up the company's market value. Despite recent Bitcoin price fluctuations, Saylor remains bullish, predicting a potential Bitcoin rally beyond $100,000 during the 2024 bull run.

Michael Saylor Sells MicroStrategy Stock, Reaping Rewards of Strategic Bitcoin Investments

Prominent Bitcoin advocate Michael Saylor, founder of MicroStrategy, has been strategically profiting from the surge in his company's market value, which is largely driven by its substantial investments in Bitcoin.

Under a stock-sale plan authorized in mid-2023, Saylor was permitted to sell up to 400,000 shares of MicroStrategy in the initial four months of 2024. As the plan nears completion, reaching over 90% fulfillment, Saylor has successfully sold shares amounting to approximately $370 million.

This includes his latest transaction on Wednesday, where he unloaded shares valued at $3,023,309, with individual share prices ranging between $1,189.12 and $1,258.05.

Bitcoin's Impact on MicroStrategy's Success

MicroStrategy's pivotal decision to transition into a Bitcoin holding entity has proven to be a lucrative strategy, not only for the company but also for its founder, Michael Saylor. Since mid-2020, when MicroStrategy initiated its aggressive acquisition of Bitcoin, it has accumulated a substantial holding of over 214,000 Bitcoins.

These holdings, accounting for approximately 1% of the total Bitcoin supply, are currently valued at an estimated $13.8 billion, forming the backbone of MicroStrategy's market capitalization, which stands at $21.3 billion.

The company's stock has experienced a remarkable surge, gaining 91% in value during 2023 alone, despite a 37% pullback from its peak in March. In 2022, the stock soared by an impressive 346%, positioning it among the top performers in the U.S. stock market for that period.

As of the time of writing, MicroStrategy ($MSTR) shares are trading at $1,208, demonstrating a resilient bullish trend amidst recent market volatility.

Saylor's Unwavering Belief in Bitcoin

Despite recent market fluctuations, including a significant drop in Bitcoin's price followed by a recovery to $65,000, Saylor remains steadfast in his optimism about the future of both MicroStrategy and Bitcoin. He envisions a rally in Bitcoin's price beyond $100,000, potentially reaching as high as $350,000 during the anticipated 2024 bull run.

Bitcoin is currently trading at $64,477, with minimal change over the past 24 hours, as of the time of writing.