Strategy Director Jarrod Patten has sold more shares of his company’s as the MSTR stock drops to a new low around $85. He is continuing a months-long insider selling run at the Bitcoin treasury company, per regulatory disclosures.
Strategy Director Continues Selling MSTR Stock
According to a recent SEC filing, Patten exercised options for 1,500 Strategy Class A shares on June 23 at a strike price of $18.236 per share. The transaction cost was approximately $27,354. On the same day, he sold all 1,500 shares at $106.08 each. This sale produced about $159,120. The sale brought in a profit of approximately $131,766 before taxes and fees.
The new sale is part of a string of recent MSTR sales by the director. As per SEC records, Patten has sold 55,750 shares of MSTR in the last three months. The deals brought in around $9 million in profit as investors criticized potential share dilution.
One of Patten’s earlier disclosed transactions involved exercising stock options at the same $18.236 strike price. He sold these MSTR shares at around $134, as CoinGape previously reported on June 19. The profits from that trade exceeded $200,000.
MSTR Stock Extends Heavy Crash
The filing came at a time when Strategy stock has been registering steep downward movement. The MSTR stock plunged 9.01% to $85.73 at the time of writing on Thursday, June 25. The stock’s price range was $94.72 to $85.70 intraday. The daily low was also the 52-week low for the Strategy stock.
The selling put Bitcoin under pressure as it dropped to $58,000 amid strong U.S. economic data. Moreover, Bitcoin critic Peter Schiff capitalized on this opportunity to flag concerns over MSTR stock. On the social media platform X, Schiff wrote that Strategy’s decline was contributing to the overall crypto market’s losses.
Schiff declared, “As I warned, MSTR’s death spiral has pricked the Bitcoin bubble.”
He further added, “$MSTR fell another 8% this morning, down 84% from its high. $STRC fell another 7%, bringing the total decline to 25% and raising the current yield to 15.3%, sending Bitcoin tumbling to $58K, down 54% from its high.”
To make matters worse, Strategy is grappling with a potential securities claim from shareholders. For this, Rosen Law Firm has launched an investigation into the company.