MicroStrategy Executive Chairman Sells Shares Amid Bitcoin ETF Approvals

According to Bloomberg, MicroStrategy's executive chairman has sold between 3,882 and 5,000 shares on certain days between January 2 and January 10, when the SEC announced recent ETF approvals. A spokesperson for the company confirmed the sales, stating that they are part of a plan disclosed in a filing last year and are separate from the recent ETF approvals. The plan involves selling up to 5,000 shares each day between January 2, 2024, and April 26, 2024, with a total of 400,000 shares to be sold during that period. Since the beginning of the year, MicroStrategy's stock has fallen about 23%, partly due to the company's investment in Bitcoin. During the last crypto winter, MicroStrategy had to take massive write-offs because of its Bitcoin holdings. The company's Bitcoin holdings are currently worth $8.3 billion, representing a 40% paper gain. Bitcoin has increased nearly 3% so far this year, briefly surpassing $49,000 for the first time since December 2021 after the ETFs began trading on Thursday.