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MicroStrategy Buys More Bitcoin But Michael Saylor Sells More Company Shares

MicroStrategy has bought another 12,000 BTC but its Chairman, Michael Saylor, has sold 205,000 MSTR stock over the past year.

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MicroStrategy (NASDAQ: MSTR) has increased the size of its Bitcoin bag (again) whilst its Chairman, Michael Saylor, empties his bag of company shares.

According to Bloomberg, MicroStrategy bought another 12,000 BTC for $821.7 million, marking its second-largest purchase. Its total holdings now sit at 205,000 Bitcoin, worth over $14 billion.

The Bitcoins were bought between 26 February and 10 March, acquired with the proceeds from the sale of $800 million of convertible notes. It was previously reported that the firm intended to raise $700 million in the form of senior convertible notes to buy Bitcoin.

MicroStrategy Ups its Convertible Debt Offering to $700m to Buy More Bitcoin
Earlier this week MicroStrategy chairman Michael Saylor revealed the firm intended to raise $600m in the form of senior convertible notes to buy Bitcoin. It’s now $700m.

Bitcoin has proved to be a fruitful investment for MicroStrategy, with its holdings increasing 675% in worth since it began buying the cryptocurrency in 2020.

MicroStrategy's stock price is up over 565% over the past year, in large part due to Bitcoin's skyrocketing performance post ETF approval.

MicroStrategy chairman Michael Saylor has retained his bullish Bitcoin stance, stating he will continue to buy the world's biggest cryptocurrency forever.

MicroStrategy is Outperforming Bitcoin Because of Bitcoin
MicroStrategy’s ($MSTR) stock price is up more than 170% over the past month compared to BTC’s 56%

“I’m going to be buying the top forever, Bitcoin is the exit strategy," he said last month, adding that the cryptocurrency is stronger than gold. “We believe capital is going to keep flowing from those asset classes into Bitcoin because Bitcoin is technically superior to those asset classes and that being the case, there’s just no reason to sell the winner and to buy the losers.”

However, whilst Saylor has been stocking up on Bitcoin for the firm, he has also been selling the firm's stock. On 8 March, Saylor sold 1,050 shares of MSTR at an average price of $1,415.05 per share, impacting the insider's holdings by -0.09%.

Over the year, Saylor has sold 205,000 shares of the firm and has not purchased any stock. 86 insider sells occurred over the year with no insider buys.