Michael Dell, the founder and CEO of Dell Technologies, has sold 10 million shares of his company, netting $1.22 billion, as reported by Cointelegraph. This sale marks his second major divestment in September. A filing with the Securities and Exchange Commission on September 30 indicated that Dell retains over 16.91 million shares, valued at more than $2 billion at that time.

This latest transaction follows an earlier sale on September 23, when Dell disclosed selling another 10 million shares for approximately $1.17 billion through a series of seven transactions between September 19 and September 23. Despite these significant sales, Dell Technologies’ stock has seen a remarkable 58.5% increase this year, as per Google Finance. Additionally, the company’s shares re-entered the S&P 500 index on September 24, which includes the largest 500 publicly traded companies in the U.S.

The surge in Dell Technologies’ stock is largely attributed to the growing demand for servers capable of supporting artificial intelligence (AI) applications. The stock reached an all-time high of over $160 in May due to this rising interest in AI hardware. However, the rationale behind Dell’s considerable stock sales remains ambiguous. Market reactions have been muted, with the stock dipping only 0.33% in after-hours trading on September 30 and gaining 0.74% over the preceding five trading days.

In June, Dell fueled speculation online with a series of enigmatic posts on X, prompting speculation that he might be delving into Bitcoin, either personally or for his company. His posts included references to concepts like ‘Scarcity creates value,’ a phrase often linked to Bitcoin’s capped supply of 21 million coins. This drew a response from Bitcoin proponent and MicroStrategy co-founder Michael Saylor, who remarked, ‘Bitcoin is Digital Scarcity.’ Dell later shared an AI-generated image of the Cookie Monster from Sesame Street enjoying Bitcoin-themed cookies.

Despite these hints toward cryptocurrency, Dell Technologies did not acquire any Bitcoin for its balance sheet during the second quarter of this year. The company’s August earnings report revealed a 9% increase in revenue year-over-year, with record revenue from servers and networking up by 80% compared to the same period last year.