NFT News by Thebittimes.Com

Michael Saylor has lost $105 million on his latest purchase of bitcoin for MicroStrategy. As usual, the CEO issued convertible debt — loans that may convert to equity and dilute prior shareholders — to purchase 11,931 bitcoins on June 20, 2024. On that date, MicroStrategy purchased Bitcoin at $65,883 apiece. Today, each of those coins is worth just $57,000 — a 13.5% decline in less than three weeks. Saylor’s latest bitcoin buy has lost $105 million since June 20. June 20th was not Saylor’s only ill-timed purchase. Since the leverage-hungry CEO started his debt-for- Bitcoin spree, MicroStrategy has purchased Bitcoin above current prices nine times . March 12, 2021: $15 million at $57,146 per bitcoin April 5, 2021: $15 million at $59,339 May 13, 2021: $15 million at $55,387 November 29, 2021: $414.4 million at $59,187 December 9, 2021: $82.4 million at $57,477 March 11, 2024: $821.7 million at $68,477 March 19, 2024: $623 million at $67,382 Apr...

Michael Saylor, MicroStrategy’s Executive Chairman, has initiated a four-month plan to sell $216 million of his MicroStrategy shares , previously stating his intention to use part of the proceeds to buy additional Bitcoin (BTC). Saylor revealed in a Jan. 2 filing with the U.S. Securities and Exchange Commission that he began selling his 315,000 stock options, awarded in April 2014, which are due to expire by Apr. 30, 2024. Per the filing, Saylor commenced the selling process on Jan. 2, beginning with the first set of 5,000 shares . During MicroStrategy’s third-quarter earnings call on Nov. 2, Saylor announced his strategy to sell approximately 5,000 shares daily over the next four months. This plan is contingent on the shares meeting a predetermined minimum price. In the company’s 10-Q filing on Nov. 1, he had previously declared that he was authorized to sell up to 400,000 shares from his vested options by Apr. 26. Saylor’s decision to sell part of his ...

Michael Saylor at the Bitcoin 2022 conference in Miami. Source: A video screenshot, Youtube/Bitcoin Magazine Michael Saylor, the founder and former CEO of software business MicroStrategy, said that Bitcoin (BTC) is the only money that has the potential to align &ldquo ;all interests to focus on peaceful engagement , rational action , & productive industry .” The notorious crypto-enthusiast tweeted this in response to legendary hedge fund manager Ray Dalio. “Remember that most people will pretend to operate in your interest while operating in their own,” Dalio said in the tweet that triggered Saylor’s statement on the leading crypto .  “For example, most people will operate in a way that maximizes the amount of money they will get and that minimizes the amount of work they have to do to get it,” according to the hedge fund manager.  Over the past years, Saylor has established himself as a Bitcoin bull, u...