Strategy Exec Launches Massive MSTR Selling Spree

Some executives of the American business intelligence and software firm Strategy Inc. have decided to sell their MSTR shares instead. Some filings with the United States Securities and Exchange Commission (SEC) have shown massive insider trading of the shares within the last three months. Strategy CEO Still Holds a Big MSTR Bag According to the filings, Strategy CEO Phong Le launched an MSTR selling spree during this period, with sales of over $14 million worth of shares recorded. This fund covers 8,400 shares of Class A common stock, sold on June 18 from his holdings. There were other transactions by VP & CAO Montgomery Jeanine, EVP & General Counsel Shao Wei-Ming, EVP & CFO Kang Andrew, Directors Carl Rickertsen and Patten Jarrod. Even after the offload transaction from Phong’s account, the Strategy executive still personally owns 16,390 shares of the same stock. Not only does he own a significant number of Class A common stock, but Phong also holds 6,000 and 4,500 shares of two different series of preferred stock (“Strife” and “Stride”). Selling Pressure? MSTR Remains in the Clear A significant number of MSTR holders have argued that this selling spree is rather a routine practice. Still, it is not surprising that some other crypto enthusiasts are wondering what this insider trading means for MSTR. While there is no specific response to this probe, it is worth noting that the selling spree is not a sure sign of a lack of confidence. For now, the sums are not significant enough to trigger any alarm or signal severe selling pressure. The company had recently purchased an additional 245 Bitcoin units at a cost of around $26 million. Its Bitcoin holdings are now approximately 592,345 BTC. Strategy Faces Class Action Lawsuits Over Bitcoin Meanwhile, Strategy has been sued for making misleading statements about Bitcoin, as well as the company’s business, operations, and prospects. About five law firms filed their identical class action lawsuits against the business intelligence software firm. Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, claimed that “the anticipated profitability of the Company’s bitcoin-focused investment strategy and treasury operations was overstated.” Strategy was further accused of understating the various risks associated with Bitcoin’s volatility, in addition to failing to reveal the magnitude of losses Strategy could incur on the value of its digital assets following its adoption of ASU 2023-08. The post Strategy Exec Launches Massive MSTR Selling Spree appeared first on TheCoinrise.com .

Source: The Coin Rise