Following Bitcoin’s bull run, insiders dumped MicroStrategy stock.

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Michael Saylor, the infamous Bitcoin bull and CEO of MicroStrategy, has not sold any business stock since 2012.

MicroStrategy, a Virginia-based enterprise software company, has piqued the interest of crypto and financial news outlets alike with its CEO’s unconventional strategy of going all-in on Bitcoin beginning in 2020, with some reporters remarking that the company has since morphed into something more akin to a Bitcoin (BTC) investment vehicle than a software firm.

Recent filings with the United States Securities and Exchange Commission suggest some of the company’s top-level executives are ambivalent about pursuing this strategy long-term.

The filings reveal that MicroStrategy chief financial officer Phong Le and chief technology officer Timothy Lang both unloaded stock in August of this year by exercising roughly 30% of the options they received as compensation.

As Bloomberg reports, Lang exercised 10,000 of his awarded options on Aug. 26 and later sold all the converted shares, pocketing roughly $7.1 million. Phong, for his part, exercised 20,000 options between Aug. 2 and 6 then sold the shares in return for a little over $7.3 million. Each has held on to roughly 20,000 options.

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CEO Michael Saylor himself has not sold any shares since 2012, although he did reallocate 50,000 shares of Class A company stock to another of his firms, Alcantara LLC, this January.

The report notes that, while exercising options is commonplace for executives, Phong and Lang’s moves were made without a pre-arranged trading plan. Matt Maley, chief market strategist of Miller Tabak + Co., has claimed that the decision may be indicative of their concerns about the long-term viability of Saylor’s corporate strategy and his commitment to tying the company’s fate so closely to that of Bitcoin. “Senior executives do not sell stock if they think it’s going higher. It’s just a bad sign no matter how you slice it,” Maley reportedly said.

MicroStrategy has approximately 105,085 BTC as of June 30, 2021, with Saylor doubling down on his crypto approach in late July by committing to continue to acquire additional BTC. Earlier in June, the company announced a $400 million debt offering to extend its Bitcoin treasury holdings, and in August, MicroStrategy added 3,907 BTC to its holdings, increasing its total to 108,992 BTC, at a cost of $2.918 billion.

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As of the time of writing, MicroStrategy stock is down close to 9.4% on the day and just over 77% over the past six months. However, Ed Moya, a senior market analyst at Oanda, has argued that Phong and Lang’s sell-offs are unlikely to discourage MicroStrategy investors who share Saylor’s commitment to Bitcoin, given that the CEO’s “relentless support for Bitcoin has made the company a cryptocurrency trade and not necessarily a bet on the company’s software solutions and services.” He added, “The share price will likely continue to go the direction of Saylor and his bet on Bitcoin.”

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