Phong Le, president and CEO of Strategy, who manages the company’s enterprise analytics business and corporate Bitcoin treasury, sold 3,299 shares of the company’s Class A common stock this week, according to an SEC filing. The shares were sold at an average price of $138, generating more than $456,000 in proceeds.
Le also disclosed the acquisition of 7,320 MSTR shares through the exercise of restricted stock units.
Strategy closed Wednesday up 2% at $139, then slipped 2% at Thursday’s open, and has fallen 8% year-to-date, per Yahoo Finance.
The Virginia-based software company is a major Bitcoin holder, currently holding 762,099 BTC valued at roughly $53 billion and on track to surpass BlackRock in holdings.
Le’s compensation and the sale in context
Performance-linked pay makes up 93.6% of Le’s total compensation, tying most of his pay to Strategy’s stock price and, indirectly, Bitcoin’s price.
The sold shares appear to have been vested restricted stock units. Days earlier, on March 19, Le purchased about 2,500 shares of Strategy’s perpetual preferred stock (STRC) for roughly $250,000. Selling common shares while buying a related security suggests portfolio rebalancing rather than a loss of confidence in the company.
Strategy plans massive ATM programs to boost digital asset holdings
Strategy intends to accelerate Bitcoin accumulation by raising capital through multiple at-the-market programs totaling over $44 billion in potential stock and preferred equity sales. Proceeds will fund corporate operations and digital asset purchases, supporting the company’s goal of owning one million Bitcoins by year’s end.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.