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Bitcoin Bull Michael Saylor Dumps 370,000 MicroStrategy Stocks During 80% Price Rally

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Fri, 19/04/2024 - 15:07
Bitcoin Bull Michael Saylor Dumps 370,000 MicroStrategy Stocks During 80% Price Rally
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Bitcoin bull Michael Saylor has strategically offloaded 370,000 shares of MicroStrategy stock amid an 80% surge in its price, CNBC reveals. Saylor, the prominent advocate for cryptocurrency, utilized a predetermined stock-sale plan crafted last year, pocketing an impressive $372.7 million from the sales. 

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His actions, largely regarded by experts as programmatic and unrelated to Saylor's faith in MicroStrategy, have coincided with the company's meteoric rise in valuation.

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MicroStrategy's stock price has witnessed a remarkable ascent, soaring by nearly 80% since the beginning of 2024. Trading at $1,215 per share, the company's capitalization now stands at approximately $22 billion. Saylor's decision to liquidate a portion of his holdings comes against this backdrop of unprecedented growth, with MicroStrategy's stock price experiencing both highs and lows throughout the year.

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Source: TradingView

Halving coming

Saylor's maneuvers come amid a backdrop of heightened interest in Bitcoin, fueled by the approval of ETFs and an impending halving event. Analysts maintain an optimistic outlook on MicroStrategy, citing historical trends that suggest a bullish trajectory for the cryptocurrency following halving events.

Saylor's advocacy for the company hinges on its unique position as a leveraged Bitcoin play, with the ability to raise significant capital for further cryptocurrency investments.

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As MicroStrategy navigates the upcoming halving event as one of the top holders, experts remain optimistic about the company's prospects, citing historical data that suggests a positive correlation between Bitcoin's price and past halving events. 

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