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Why Are MicroStrategy Insiders Selling Millions in Stock While Bitcoin Booms?
MicroStrategy CEO Phong Le has been offloading most of his MSTR stock over the past three months, sparking concerns across the crypto market. In a shocking move, he has sold over $3 million worth of MSTR stock in recent months. This trend is not unique to Le; MicroStrategy insiders have collectively sold a staggering $13.6 million worth of stock, with no buying on the other side.
The news comes as Bitcoin (BTC) continues its explosive growth, and it’s natural to wonder: if Bitcoin is indeed the superior asset, as CEO Michael Saylor has claimed, then why are these high-ranking officials selling millions in MicroStrategy stock?
Saylor himself has made a fortune by accumulating massive amounts of BTC within his company’s coffers. However, his executives seem to be taking a different approach. Phong Le, the CEO, offloaded 8,400 shares of Class A stock on June 18, leaving him with over 16,000 shares and 10,500 preferred shares across two series.
It is not just Le; other key executives have also been cashing out their MSTR shares for a hefty sum. This move has raised concerns among investors about the company’s internal confidence and future outlook. Despite this, some long-term holders argue that it might be routine transfers and not a sign of lost confidence.
It is worth noting that MSTR is currently up 27% year-to-date, beating the broader market, and MicroStrategy’s Bitcoin stash has now surpassed the 600,000 mark. This significant increase in value might explain why these executives are choosing to cash out their stock instead of holding onto it.
Source: coinpedia.org
