MicroStrategy chairman Michael Saylor wants to sell 315,000 company shares worth around $216 million, according to a Jan.2 filing with the U.S. Securities and Exchange Commission (SEC).

In MicroStrategy’s third-quarter earnings call on Nov. 2, Saylor revealed that he received a stock option for 400,000 shares in 2014, set to expire on April 30, 2024, if left unexercised.

Consequently, Saylor intends to gradually sell them at a rate of 5,000 shares per trading day from Jan. 2 until April 25. This move is primarily directed towards acquiring more Bitcoin for his portfolio and addressing his personal financial commitments,

“Exercising this option will allow me to address personal obligations as well as acquire additional Bitcoin to my personal account…For almost a decade now, at my request, the company has only paid me a $1 salary and I have chosen not to be eligible for any cash bonuses,” he stated.

Despite these planned sales, Saylor emphasized that he still retains a significant stake in the largest publicly traded holder of Bitcoin.

Meanwhile, these sales coincide with a consistent upward trajectory in the price of MicroStrategy’s MSTR stocks. TradingView data indicates the current share value at $685.15, reflecting an 8.48% increase at the reporting time.

Saylor is one of the biggest advocates for the top cryptocurrency. He recently described BTC as “an immaculately conceived monetary system backed by the world’s most powerful computer network.”

Coinbase insiders are also selling.

Coinbase top executives, including co-founders Fred Ehrsam and Brian Armstrong, chief legal officer Paul Grewal, chief people officer Lawrence Brock, and others, have divested $164.4 million worth of shares during the last three months, according to Dataroma.

Coinbase, the leading U.S.-based cryptocurrency exchange, has witnessed an astonishing 361% surge in its shares over the past year, reaching a peak of $157—a level not seen since April 2022. This meteoric rise aligns with a buoyant rally in the crypto space, particularly in the largest digital asset, Bitcoin.

The driving force behind the market surge lies in the fervent expectations surrounding the potential approval of an inaugural spot Bitcoin exchange-traded funds (ETFs) in the U.S. Market observers anticipate that this development could mark a significant milestone, propelling both BTC to new heights within the financial markets.