Michael Saylor doubled his exposure to Bitcoin today, but while doing so, MicroStrategy CEO Phuong Lu sold roughly $11.1 million worth of company stock tied to the same exposure.
The timing drew attention across cryptocurrency markets. Saylor portrays Bitcoin as a prime long-term asset, yet the executive running his company has shorted stocks that give investors leveraged exposure for the same bet.
Michael Saylor’s conviction faces an uncomfortable sale
Saylor posted his message as Bitcoin was hovering above the $60,000 threshold, just hours later Short break under that critical psychological level for the first time in years.
He said no AI Capital Boom Validate Bitcoin rather than threaten it.
“Building AI is absorbing capital on a historic scale, creating temporary pressure across global markets. This does not weaken Bitcoin. It strengthens the state of scarce and liquid digital capital. Bitcoin remains the premier asset over the long term,” He explained.
Follow us on XTo get the latest news as it happens
This comes amid market uncertainty as leading cryptocurrencies continue to show weakness. Some link this weakness to MicroStrategy’s recent Bitcoin sale, a move seen as a symbolic crack in the “never sell” bulwark.
In some ways, it is Trust in MicroStrategy has eroded As a pure BTC proxy.
To make matters worse, a regulatory filing showed that on June 5, Le filed to sell 93,738 shares of MicroStrategy (MSTR) stock at a weighted average near $118.73. Revenues amounted to about $11.1 million.
It is important to note that a sell may not necessarily be a bearish call.
He – she Covered Tax bill on 190,740 performance stock units vested on June 3. Le still holds 119,925 strategic shares. However, the timing raises concerns.
“It’s not a good time to do this,” said analyst Ted Bellows Notice.
Why optics sting
Entitlement itself intensifies the cynicism. These units paid 200% because the strategy’s three-year total return ranked in the top quartile of the Nasdaq Composite Index. The reward for years of outperformance came in the worst week of the year.
MicroStrategy trades as a leveraged Bitcoin proxy. Investors are buying them in exchange for the company’s massive BTC treasury and Saylor has refused to sell.
The sales were made through a Rule 10b5-1 plan scheduled for May 2024, so the timing was automatic and not elected.
However, the company recently took action Selling Bitcoin based on profits With a value of 32 bitcoins, the first since 2022.
Critics have long warned Microstrategy problem For Bitcoin, this step has been reopened Discussing extremism Between owners.
Bitcoin’s price is showing weakness heading into the end of this week, leaving Saylor’s long-term thesis and his CEO’s tax bill clashing in the public eye.
this post MicroStrategy CEO sells $11 million worth of stock appeared first on BeInCrypto.
