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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.
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.
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.
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.
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.
Tomiwabold Olajide
Mushumir Butt
