Bitcoin proponent Michael Saylor has strategically sold 370,000 shares of MicroStrategy stock amidst an 80% surge in its price, according to CNBC reports. Saylor, known for his staunch support of cryptocurrency, executed the sales using a pre-arranged stock-sale plan established last year, netting an impressive $372.7 million from the transactions.
While Saylor's actions are viewed by experts as part of a predetermined strategy and unrelated to his confidence in MicroStrategy, they coincide with the company's significant increase in valuation.
MicroStrategy's stock has experienced a notable ascent, rising nearly 80% since the start of 2024 to $1,215 per share, resulting in a market capitalization of around $22 billion. Saylor's decision to divest a portion of his holdings occurs amidst this period of remarkable growth, with MicroStrategy's stock witnessing fluctuations throughout the year.
Source: TradingView
Saylor's maneuvers occur against the backdrop of heightened interest in Bitcoin, driven by ETF approvals and an upcoming halving event. Analysts maintain a positive outlook on MicroStrategy, citing historical trends indicating a bullish trajectory for Bitcoin following halving events.
Saylor advocates for MicroStrategy due to its unique position as a leveraged Bitcoin investment, capable of raising substantial capital for further cryptocurrency ventures.
As MicroStrategy prepares for the impending halving event as one of the top holders, experts remain optimistic about the company's future, drawing parallels with historical data suggesting a positive correlation between Bitcoin's price and previous halving events.
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Cointelegraph