Bitcoin bull Saylor secures millions by selling MicroStrategy shares

Bitcoin bull Saylor secures millions by selling MicroStrategy shares

Noted Bitcoin bull and MicroStrategy CEO Michael Saylor recently sold hundreds of thousands of shares of the company to make a sizable profit. Saylor, who is largely responsible for MicroStrategy's Bitcoin commitment, has already sold 370,000 shares worth around $372 million this year. This corresponds to a large part of his share package, of which, according to reports from “DER AKTIONÄR”, he can sell a total of 400,000 shares. The proceeds from the sale are intended to cover both personal obligations and the purchase of additional Bitcoin. This decision allows Saylor to meet personal financial obligations while investing in the cryptocurrency.

MicroStrategy shares have seen a significant increase compared to the same period last year. Although it has fallen by almost 30 percent in the last few months, it is still up more than 100 percent since the beginning of the year. This price increase is less due to the fundamental development of the software business and more to the continued rise of Bitcoin, which in turn is driving MicroStrategy shares. MicroStrategy now owns more than 214,000 Bitcoins, making it the second largest Bitcoin hodler in the world.

However, MicroStrategy's focus on Bitcoin assets also comes with a high level of risk. The software company is valued only in small part based on its software business, although it expects fiscal 2024 revenue of $500 million and EBITDA profit of $99 million. Despite Saylor's bullish stance on Bitcoin, the company's external dependence remains on which direction the crypto market goes. Past market fluctuations have shown how quickly cryptocurrency prices can change, which also impacts the valuation of companies like MicroStrategy.

The billion-dollar short bets against MicroStrategy, as well as Saylor's massive stock sales, suggest that some market participants believe the company is overvalued. Although Bitcoin's record run has pushed MicroStrategy shares to new highs, there remain concerns about the sustainability of this price increase. MicroStrategy's future remains closely tied to the development of the crypto market, which brings with it some uncertainty.