MicroStrategy CEO Sells $11.1M as Saylor Reaffirms Bitcoin

MicroStrategy CEO Phong Le sold 93,738 shares of MSTR on June 5, according to a regulatory filing. The transaction generated about $11.1 million and was used to cover taxes on recently vested performance stock units.

The filing shows a weighted average sale price near $118.73 per share. The sale covered taxes on 190,740 performance stock units that vested on June 3. Those units paid out at 200% after MicroStrategy’s three-year total return ranked in the top quartile of the Nasdaq Composite. Le retains 119,925 MicroStrategy shares.

The transactions were executed under a Rule 10b5-1 trading plan established in May 2024, the filing says.

Founder Michael Saylor posted on social media the same day that the AI buildout is “absorbing capital at historic scale, creating temporary pressure across global markets.” He added, “That does not weaken Bitcoin. It strengthens the case for scarce, liquid, digital capital. Bitcoin remains the premier asset for the long term.”

Bitcoin traded just above $60,000 on June 5 after briefly dipping below that level earlier in the day.

Market participants noted that MicroStrategy shares are commonly used by investors seeking leveraged exposure to Bitcoin because the company holds a large BTC treasury and Saylor has repeatedly said he will not sell the firm’s coins. Some observers said the timing of Le’s sale drew attention and may have affected short-term market sentiment.

Analyst Ted Pillows called the timing “not a good time.” Other market participants pointed out the sale was intended to meet a tax obligation rather than to reduce the company’s Bitcoin holdings. The Rule 10b5-1 plan indicates the disposals followed an automated schedule rather than being tied to short-term market moves.

Earlier this year, MicroStrategy sold 32 BTC as part of a dividend-related transaction, the company’s first Bitcoin sale since 2022. That sale and the recent equity transaction have prompted discussion among investors about whether MicroStrategy should be treated primarily as a Bitcoin proxy or as a listed software company with its own capital and compensation needs.