Carl Rickertsen sold his entire stake in Strategy for $10 million after initially investing $700,000 in 2022.
Insider sales in 2025 outnumber purchases by over $864 million, with no new insider buys recorded this year.
MSTR shares dropped 10 percent this month despite holding 582,000 BTC, contrasting with gains by peer crypto-holding firms.
MicroStrategy, recently rebranded as Strategy, has seen a notable wave of insider selling in 2025. Director Carl Rickertsen sold all his remaining shares in the company, totaling more than $10 million. This comes after his initial investment of $700,000 in October 2022, when the MSTR stock traded below $25.
Rickertsen previously reduced part of his holdings in 2023. His recent decision to exit entirely follows the exercise of stock options and immediate sale. This move signals a potential divide between insider actions and Strategy’s ongoing Bitcoin acquisition efforts.
No Insider Buys in 2025 Amid Heavy Sales
Despite CEO Michael Saylor’s continued commitment to Bitcoin, no insider purchases of MSTR shares have been recorded in 2025. According to Protos, there have been 26 insider sales so far this year, outweighing insider purchases by over $864 million.
Even with Strategy’s increasing Bitcoin reserves, the company’s stock has struggled recently. MSTR shares are down 10 percent over the past month. In contrast, other Bitcoin-holding firms such as Metaplanet have seen their shares rise sharply, with gains reaching 152 percent in the same period.
Criticism Mounts Over Strategy’s Bitcoin-Centric Model
Economist and Bitcoin skeptic Peter Schiff has called Strategy’s business model “a complete fraud.” His remarks followed news that the company now holds 582,000 BTC valued at approximately $63 billion. Schiff warned that bankruptcy is inevitable for firms relying heavily on Bitcoin as a reserve asset.
The spike in insider selling during a time of expanding crypto reserves raises questions about internal sentiment. While the company continues to pursue Bitcoin accumulation, the lack of insider buying activity appears to contrast with outward corporate strategy.
The market’s response to Strategy’s moves has been muted compared to rivals. Firms following similar asset strategies, such as Metaplanet, have benefited from stronger investor sentiment and appreciation in share prices.
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