Michael Saylor to Sell MicroStrategy Stock Options Worth $216M

MicroStrategy (MSTR) executive chairman Michael Saylor began to sell $216 million worth of stock options of the company on Tuesday, according to a regulatory filing with the U.S. Securities and Exchange Commission.

The document shows that Saylor proposed the sale of 310,000 stock option awards granted in 2014, which will expire in April.

Saylor said during Microstrategy's third-quarter earnings call that he plans to sell 5,000 shares per trading day over the course of the next four months, subject to a minimum price condition. This was first disclosed in that quarter's 10-Q filing, which said he can sell up to 400,000 shares of his vested options through April 26.

"Exercising this option will allow me to address personal obligations as well as acquire additional bitcoin (BTC) to my personal account," Saylor said during the call. "... I continue to be optimistic about MicroStrategy's prospects and should note that my equity stake in the company after these sales will remain very significant."

MicroStrategy is the largest corporate holder of Bitcoin with some 189,000 BTC in its treasury after the latest purchase in December​, worth some $8,5 billion at current prices. Shares of MicroStrategy gained 8.5% Tuesday, defying a market-wide slump of cryptocurrency-focused stocks.

Source: CoinDesk