MicroStrategy Insiders Are Selling Big, A Warning for MSTR Stock Holders?

Microstrategy (now Strategy) insiders are reportedly selling in big numbers, with director Carl Rickertsen cashing out all of his MSTR stock worth $10 million. Mr. Rickertsen joined Michael Saylor’s firm back in October 2022, buying $700K of the company’s stock back then. Back then, the MSTR stock price was trading under $25, and has appreciated by 16x in less than three hours.

MicroStrategy Insiders Reportedly Dumping MSTR Stock In 2025

As per the latest report by Protos, Michael Saylor’s bitcoin holding firm is seeing strong insider selling. The platform reported that board member Carl Rickertsen has sold all his shares in the company, cashing out over $10 million. This move comes despite Strategy continuing its aggressive Bitcoin accumulation strategy, while raising doubts over investor confidence among insiders.

The report also highlights that Rickertsen purchased $700,000 worth of MSTR shares in 2022. Later, he sold off his partial holdings in 2023 and has now liquidated the remaining stake. Protos report also stated that Rickertsen exercised stock options and sold shares on the same day, a decision some interpret as a lack of long-term confidence.

No Insider Purchases of MSTR In 2025

Despite Michael Saylor’s aggressive Bitcoin purchases for Microstrategy this year, 2025, there have been no insider purchases of the MSTR stock. On the other hand, there have been 26 insider sales year-to-date, exceeding the purchases by $864 million, said Protos.

The recent insider selling raises doubts among existing retail investors. Despite Strategy’s Bitcoin purchases, MSTR share price is still down 10% over the past month. On the other hand, other Bitcoin holdings firms like Metaplanet have seen significant appreciation in their stock price, gaining 152% over the past month.

Peter Schiff Calls Strategy Business Model Complete Fraud

Bitcoin critic and economist Peter Schiff has slammed Michael Saylor’s Bitcoin treasury company, Microstrategy, calling it a complete fraud. Schiff’s comments came in response to Saylor sharing a Bloomberg coverage which notes that the company now holds 582,000 BTC worth $63 billion.

“MSTR’s business model is a complete fraud. Bankruptcy is inevitable. It’s only a question of when,” Shiff wrote. Peter Schiff, a long-time Bitcoin critic, has consistently challenged the logic behind adopting Bitcoin as a strategic reserve, a stance he reiterated following its announcement in March. Interestingly, Schiff acknowledged that he regrets not buying Bitcoin.

Schiff argues that such a move will speed up the decline of the U.S. dollar, asserting that gold, not Bitcoin, will emerge as the “ultimate winner”.