Phong Le, president and CEO of Strategy, 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, producing more than $456,000 in proceeds.
The filing also shows Le acquired 7,320 MSTR shares through the exercise of restricted stock units (RSUs).
Strategy’s stock briefly closed Wednesday up 2% at $139 before slipping about 2% at Thursday’s open; it is down roughly 8% year-to-date, according to Yahoo Finance.
The Virginia-based software firm remains a major Bitcoin holder, currently holding 762,099 BTC — valued at roughly $53 billion — and is on track to surpass BlackRock in reported Bitcoin holdings.
Context on compensation and the transaction
Le’s pay is heavily performance-linked: about 93.6% of his total compensation is tied to company performance, effectively linking much of his compensation to Strategy’s stock price and, indirectly, Bitcoin’s price. The sold shares appear to have been vested RSUs. Separately, on March 19 Le purchased roughly 2,500 shares of Strategy’s perpetual preferred stock (STRC) for about $250,000. Selling common shares while buying a related preferred security is consistent with portfolio rebalancing rather than a clear signal of diminished confidence in the company.
Strategy’s fundraising and Bitcoin accumulation plans
Strategy has announced multiple at-the-market (ATM) programs that could raise more than $44 billion via common and preferred equity sales. The company says proceeds will support corporate operations and additional digital-asset purchases as it pursues a goal of owning one million Bitcoins by year-end.
Disclosure: This article was edited by Vivian Nguyen. For more information on our editorial process, see our Editorial Policy.