Michael Saylor, the founder of MicroStrategy and a prominent Bitcoin advocate, has profited this year by selling Microstrategy stock, capitalizing on the dramatic rise in the firm's market value, driven largely by its substantial Bitcoin investments.

Under a stock-sale plan formulated last summer, Saylor was authorized to sell up to 400,000 shares of MicroStrategy in the first four months of 2024. 

With the plan now over 90% complete, Saylor has sold shares amounting to approximately $370 million, according to CNBC. This includes his most recent transaction on Wednesday, where he unloaded shares valued at $3,023,309, with individual prices ranging between $1,189.12 and $1,258.05.

Profits Driven by Bitcoin's Surge

MicroStrategy's strategic pivot to transform into a Bitcoin holding entity has paid dividends, not just for the company but also for Saylor. Since mid-2020, when MicroStrategy began acquiring Bitcoin aggressively, it has amassed more than 214,000 Bitcoins. 

These holdings, approximately 1% of all bitcoins in existence, are now valued at around $13.8 billion. This asset base underpins MicroStrategy's current market cap of $21.3 billion.

MicroStrategy's stock surged 91% this year alone, despite experiencing a 37% pullback from its peak in March. The stock soared by 346% in 2023, marking it as one of the top performers in the U.S. stock market during that period. 

As of writing, MicroStrategy $MSTR is trading at $1,208, reflecting a resilient bullish trend despite recent market volatility.

Saylor's Ongoing Confidence in Bitcoin

Despite recent market fluctuations, with Bitcoin price witnessing a significant drop but recovering to $65,000, Saylor remains optimistic about the future of both MicroStrategy and Bitcoin. He predicts that Bitcoin could rally beyond $100,000, possibly reaching as high as $350,000 during the 2024 bull run. 

Bitcoin is trading at $64,477, with almost no change over the last 24 hours, as of writing.