MicroStrategy, the Fortune 500 company that started the trend of public companies holding Bitcoin (BTC) on their balance sheet recently filed their monthly report with the SEC. The latest filing has got the crypto community abuzz as it revealed some of the top executives in the company have unloaded their stocks.
The monthly filing revealed the changes in beneficial ownership of companies’ securities, where a Bloomberg report highlighted that both Chief Financial Officer Le Phong and Chief Technology Officer Timothy Lang sold nearly $7 million worth of stocks each last month. Apart from the CFO and CTO other executives in the company also reportedly liquidated their stocks as the total profit-making by top-8 executives is believed to be around $125 million.
The sell-off from the top executives in MicroStrategy comes at a time when the company has shown no intent to stop their Bitcoin buying spree, and many believe that could be a potential reason behind the current profit-making by executives. While CEO Michale Saylor continues to maintain a bullish stance on Bitcoin, the executives seem to be taking profits amid price volatility.
Are MicroStrategy Executives Taking Profits or Growing Discontent?
MicroStrategy started buying Bitcoin towards the end of August 2020 and since then it has made multiple purchases with a total investment of over $2 billion. The firm currently holds over 100K BTC on their balance sheet which has increased nearly 1.5X in value. The addition of Bitcoin to their balance sheet has also helped the price of $MSTR shares which has risen by over 5X in last year since adding Bitcoin.
Many believe the top executives in the company might not be willing to risk it all like CEO Saylor. MicroStrategy was under a lot of pressure during the May sell-off when their BTC holdings were near the break-even point, but Saylor maintained throughout that they have no plans of selling. Many outsiders believe the stock selling option might also reflect a growing discontent in the company as no one sells if they believe the price of the stock is going to grow.
- Just-In: Grayscale Adds Five New Tokens To Its Investment Products
- Another Stablecoin Follows LUNA $UST, Crashes Within Hours
- PlanB: Bitcoin (BTC) Is Creating A Bottom For The Next Bull Market
- Shiba Inu Holders Increase Amid Market Crash, But There’s A Catch
- LUNA Crash: South Korea Toughens Up Investigations Over Terra (LUNA) Crisis
- Avalanche (AVAX) Slumps 5% In Minutes On Fears Of Terra Dump
- Breaking: Luna Foundation Guard Reserves Decimated By Terra Crash
- Breaking: Luna Foundation Guard Member Says Terra Reserves En Route
- Just-In: El Salvador To Discuss Bitcoin Adoption With 44 Countries
- Ethereum Founder Says A Terra Bailout Should Target These Holders
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
- Ripple Price Analysis: XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?