Bitcoin halving: Is Michael Saylor offloading MicroStrategy shares to buy BTC?

Michael Saylor, the Executive Chairman of MicroStrategy (MSTR) has sold 370,000 shares of the business intelligence firm, according to recent filings. 

The sale amounts to over $370 million and the executive’s Class A holdings are now down to 30,000 shares, as on Thursday. 

Saylor offloads MSTR, market participants speculate it is for Bitcoin purchases

In MicroStrategy’s third-quarter earnings filing on November 1, the firm announced that Saylor agreed to sell as many as 5,000 shares every trading day between January 2 and April 25, 2024. This totals to 400,000 shares, tied to vested stock options which expire if unexercised on April 30, 2024. 

While Saylor’s MSTR sales appeared to be tied to the agreement, members of the r/MSTR subreddit believe that the executive is offloading shares of the firm to buy Bitcoin directly. 

Bitcoin halving is considered a catalyst for the asset and typically BTC price rallies towards a new all-time high within 12 to 18 months of the event. 

Some members of the subreddit have joined Saylor in selling their shares. MSTR price is down nearly 25% in the past month. 

MicroStrategy Form 10-Q

Saylor is popular among Bitcoin holders as a “perma bull” or a person who believes Bitcoin price will most likely always go higher. Perma bulls may typically ignore risks and make reckless trading decisions or recommendations as a response to belief in an impending price rally in a cryptocurrency. 

Bitcoin halving is less than 25 blocks away and the asset is hovering around the $64,000 level, early on Friday. BTC price suffered a nearly 20% decline from its all-time high at $73,777 on Binance. 

Analysts believe that the halving may not have an immediate effect on Bitcoin price and is most likely priced in.

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