Despite the falling price of Bitcoin, two top executives of MicroStrategy Incorporated, a Nasdaq-listed business analytics and software firm, have allegedly sold some of their shares (BTC).
The selloffs have been attributed to a lack of confidence in CEO Michael Saylor’s long-term plan, exclusively based on Bitcoin.
MicroStrategy, known for its aggressive Bitcoin acquisitions, has announced that it will launch its Treasury Reserve Asset in August 2020. With more than $2 billion in investor funds previously invested in Bitcoin, the business currently owns more than 105,000 units of the leading cryptocurrency. According to Bloomberg, Chief Financial Officer Le Phong and Chief Technology Officer Timothy Lang respectively sold 10,000 and 20,000 shares. According to the study, both executives made a total of $7 million. According to a filing with the Securities and Exchange Commission (SEC), Michael Saylor did not sell any shares.
While Le Phong and Timothy Lang are allowed to sell their stock, it is thought that “senior executives do not sell the stock if they think it’s going higher,” according to Matt Maley, chief market strategist at Miller Tabak & Co.., “It’s just a bad sign no matter how you slice it.”
Michael Saylor has risen through the ranks to become one of the most well-known spokespersons for Bitcoin, promoting its acceptance, particularly among institutional investors. He has frequently stated that keeping cash on balance sheets to increase wealth over time is extremely hazardous. However, several Wall Street analysts do not believe that the company’s leaders’ stock selloffs are in jeopardy.
MicroStrategy’s Saylor’s unwavering support for Bitcoin, according to Ed Moya, a senior market analyst at Oanda Corp, has turned the firm into a cryptocurrency trade rather than a bet on the company’s software products and services. The stock’s price will very certainly continue to move in the direction of Saylor’s Bitcoin bet.