Recent filings with the United States Securities and Exchange Commission have revealed the current position of several senior executives of Microstrategy who recently sold a significant amount of their holdings in the company stock.
The filings indicated that the company’s top-level executives have mixed feelings regarding long-term views in the stock of MicroStrategy. It also revealed the recent action of the company’s chief financial officer Phong Le and chief technology officer Timothy Lang, who dumped MicroStrategy’s stock in August, exercising roughly 30 percent of the options they received as compensation.
Bloomberg reports corroborated this with figures. It reported that on August 26, Lang exercised 10,000 of his option and sold all shares to gain $7.1 million. On the part of Phong, he did the same with 20,000 options on August 2 and 6 and sold the converted shares to earn a little over $7.3 million.
However, despite the actions of the other top executives, Michael Saylor, the company’s CEO, has never sold any of his holdings, the closest he has done is the reallocation of 50,000 shares to another of his companies.
While these actions by the duo appear unplanned, Matt Maley, Chief market strategist of Miller Tabak + Co., has noted that the decision could be necessitated because of concern about the company’s business adventure that now pursues Bitcoin. He said, “Senior executives do not sell the stock if they think it’s going higher. It’s just a bad sign no matter how you slice it.”
MicroStrategy has continued to accumulate more Bitcoin prompting a report to call it something closer to a Bitcoin (BTC) investment vehicle. As of June, the total holding of the company stands at 108,992 BTC.