Two top executives at Nasdaq-listed business intelligence and software company MicroStrategy Incorporated have reportedly dumped some of their own stocks amid the falling price of Bitcoin (BTC).

Market analysts have described the sell-offs as a lack of confidence in CEO Michael Saylor’s long-term strategy, which depends entirely on Bitcoin.

MicroStrategy, known for its aggressive purchases of Bitcoin, will form its Treasury Reserve Asset as early as August 2020. With over $ 2 billion in investor money already used to buy the leading cryptocurrency, the company now holds more than 105,000 units of Bitcoin. The company’s chief financial officer, Le Phong, and chief technology officer, Timothy Lang, liquidated 10,000 and 20,000 shares, respectively, according to a Bloomberg report. Both executives raked in around $ 7 million per report. Michael Saylor did not sell any shares, according to a filing with the US Securities and Exchange Commission (SEC).

While the Le Phong and Timothy Lang duo are allowed to sell their stock, it is believed that “executives don’t sell their stock if they think it will go higher,” said Matt Maley, chief market strategist at Miller Tobacco + Co., ” It’s just a bad sign no matter how you cut it. ”

Michael Saylor has risen to be one of the most famous mouthpieces and has helped drive the adoption of Bitcoin, especially among institutional investors. He has often claimed that keeping cash on balance sheets in order to build wealth over the long term is very risky. However, some Wall Street analysts see no threat to the company’s executives’ share sales.

“MicroStrategy’s relentless support for Bitcoin has turned the company into a cryptocurrency trading company, not necessarily a bet on the company’s software solutions and services. The share price will likely continue to go in the direction of Saylor and his bet on Bitcoin. ” said Ed Moya, a senior market analyst at Oanda Corp.

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