MicroStrategy executive chairman Michael Saylor has begun selling off $216 million worth of his shares in the firm, planning to use part of the proceeds to purchase more Bitcoin.

According to an SEC filing, Saylor started liquidating 315,000 vested stock options on January 2nd by selling 5,000 shares daily. The options expire on April 30, 2024.

On the company's Q3 earnings call, Saylor said selling the shares over four months will allow him to address personal financial obligations as well as increase his Bitcoin holdings. Despite the sales, he noted his stake in MicroStrategy remains significant.

The move comes after MicroStrategy made another large Bitcoin purchase in December worth $615 million, growing total holdings to 189,150 BTC now valued at $8.5 billion. Though Bitcoin gained 170% in 2022, MicroStrategy's stock price more than doubled that return over the same period.

Cointelegraph