MicroStrategy Chairman Michael Saylor made a significant move by selling millions of dollars worth of company shares before the approval of the spot Bitcoin ETF.

As a prominent Bitcoin advocate, Michael Saylor sold between 3,882 and 5,000 MicroStrategy (MSTR) shares right before the approval of the spot Bitcoin ETF, as reported by Bloomberg. These sales occurred between January 2 and January 10.

This marked the first time in 12 years that Saylor sold MicroStrategy shares, netting over $20 million in profit. A spokesperson for MicroStrategy clarified that these sales were pre-planned and unrelated to the spot Bitcoin ETF approvals:

The plan entails daily sales of up to 5,000 shares from January 2, 2024, to April 26, 2024. In line with this, a total of 400,000 shares are expected to be sold by April 26.

MicroStrategy’s stock (MSTR), which surged 350% from $137 to $727 from the beginning of 2023 to January 2, 2024, witnessed a 33% decline in the last 10 days. At the time of writing, MSTR is trading at around $485.

Parallel to the spot Bitcoin ETF approval, shares of numerous Bitcoin mining companies also experienced drops of up to 30%.

This strategic move by Saylor highlights the volatile nature of the crypto market and the significant impact that regulatory decisions can have on individual companies and the broader industry.