MicroStrategy, a company that started the trend of public companies holding BTC on its balance sheet, recently filed its monthly report with the SEC. The latest filing resonates with the cryptocurrency community, revealing that almost all of the company’s executives have sold their shares.
Are MicroStrategy executives collecting profits or growing dissatisfaction?
The monthly filing revealed that CFO Le Phong and CTO Timothy Lang each sold shares for nearly $ 7 million last month. In addition to them, other executives at the company also liquidated their shares. The total profit of 8 executives is estimated at approximately $ 125 million.
The sale at MicroStrategy comes at a time when the company has shown no intention to stop their BTC buying fever, and many believe this could be a potential reason for executives to collect profits at the same time. While CEO Michael Saylor continues to maintain an upward stance on BTC, executives seem to be picking up profits amid price volatility.
MicroStrategy began purchasing BTC at the end of August 2020 and has since made several purchases with a total investment of over $ 2 billion. The company currently holds over 100,000 BTC in its balance sheet. The addition of BTC to their balance sheet also helped the price of $ MSTR shares, which have increased the price more than 5 times since this step last year.
Many believe that top executives in a company may not be willing to risk everything like CEO Saylor. MicroStrategy was under a lot of pressure during the May sale as their BTC shares approached a tipping point, but Saylor kept claiming that they had no plans to sell. Many believe that the ability to sell stocks may also reflect growing dissatisfaction in the company because no one sells if they believe the stock price will rise.