MicroStrategy Inc MSTR stock has seen increased insider sell activity in November, so far.
Insider Activity Heavy On Selling In November
The latest sell was seen from Senior Executive Vice President and General Counsel Weiming Shao, who offloaded stock options worth around $250,000 on Nov. 17.
Prior to that, MicroStrategy President and CEO Phong Le disposed of $5.13 million worth of options on Nov. 14.
The slew of selling stakes in MicroStrategy was kicked off in November by Director Carl Rickertsen on Nov. 13. Rickertsen sold half of his stake in the company, in a transaction valued at over $1 million. The sale price of said shares was $503.98 a share.
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MSTR Stock Rally Continued, Unperturbed
Despite the insider sales, MSTR stock is up 13.96% since Nov. 1.
The stock’s rally seems unperturbed by the sell-off in shares. Over the past six months, the stock is up 67.33%, and over the past year, a whopping 180%.
The stock is trading at $494 a share currently, with analysts rating it a Buy.
Recently, Benzinga reported on how spot Bitcoin ETF optimism is driving crypto markets and crypto-related stocks higher. Accordingly, Coinbase Global Inc. COIN, Marathon Digital Holdings Inc MARA and MicroStrategy have all been rallying lately.
Executive Chairman and co-founder Michael Saylor‘s MicroStrategy is often looked as a Bitcoin proxy. As of Oct. 31, 2023, the company owned 158,400 bitcoins. Considering their average purchase price as $29,586 per bitcoin, the amount of Bitcoin held equates to about $4.69 billion. MicroStrategy stock currently sports a market cap of $7.06 billion.
Per a business strategy that was implemented in August 2020, the company has been aggressively accumulating Bitcoin over time using excess cash and proceeds from debt and equity fundraising. This has made MicroStrategy one of the largest publicly traded corporate holders of Bitcoin in the world.
The Bitcoin holding of the firm is valued at around 66% of its market capitalization. Of course, market sentiment could be drawn towards considering it as a proxy.
With Bitcoin being on an uptrend for the past year and rallying over the past month, MSTR stock’s ascent could appear to be caused by the Bitcoin bull run.
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