Key Takeaways:
- MicroStrategy insiders, including director Carl Rickertsen, have sold over $864M in MSTR stock in 2025, raising concerns about internal confidence.
- Despite aggressive Bitcoin accumulation, MSTR shares are down 10% this month, while critics like Peter Schiff call the firm’s model a “complete fraud.”
Insiders at MicroStrategy—now rebranded as Strategy—are reportedly offloading large amounts of MSTR stock, despite the company’s continued aggressive Bitcoin accumulation.
A recent investigation by Protos reveals that board director Carl Rickertsen has sold his entire stake in the company, totaling over $10 million. Rickertsen, who joined the firm in October 2022 and initially invested $700,000 when MSTR traded under $25, has seen an astounding 16x return. However, his complete exit—coupled with the fact he exercised stock options and sold on the same day—raises serious questions about insider confidence in Strategy’s long-term outlook.
Protos also notes a troubling trend: no insider purchases of MSTR stock have been recorded in 2025. In contrast, there have been 26 insider sales this year, with net sales surpassing $864 million. Despite Strategy’s headline-grabbing Bitcoin acquisitions, the company’s stock is down 10% over the past month. Meanwhile, other Bitcoin-treasury firms like Metaplanet have soared, with stock gains of 152% in the same period.
“Insiders might sell for many reasons, but they buy for only one: they think the price will rise” – Peter Lynch.
— Protos (@Protos) June 12, 2025
😶🌫️ Well, ZERO insiders have bought $MSTR in 2025. Instead, there have been 26 insider sales this year alone.
5 year score: Insider sales exceed purchases by $864M. pic.twitter.com/nZSzqFcWZe
These developments come as Strategy CEO Michael Saylor continues doubling down on Bitcoin. The company now reportedly holds over 582,000 BTC, worth around $63 billion. But not everyone is convinced. Economist and vocal Bitcoin skeptic Peter Schiff has renewed his criticism of Strategy’s model, calling it a “complete fraud.”
“MSTR’s business model is a complete fraud. Bankruptcy is inevitable. It’s only a question of when,” Schiff posted, responding to Saylor’s Bloomberg feature.
Also Read: MicroStrategy Adds $1.34 Billion in Bitcoin, Strengthening Its Dominance with 568,840 BTC
Schiff, a long-time gold advocate, argues that the company’s Bitcoin-first strategy is not only risky but damaging to broader economic stability. Though he recently admitted to regretting not buying Bitcoin years ago, his stance remains firm: gold, not Bitcoin, will ultimately prevail.
As Strategy continues its high-stakes Bitcoin bet, the lack of insider confidence and mounting criticism from financial figures like Schiff may force investors to reassess the risk profile of MSTR in an increasingly volatile crypto-linked market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
