It’s been over a week since FXCM launched its hostile takeover for Gain Capital. In the interim, Gain Capital’s Board initiated a ‘poison pill’ last to transfer more power of the negotiations into their hands. However, since that time the parties have been quiet with no official announcements taking place.

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Following the bid, shares of Gain Capital have risen nearly 25% to $5.30, hitting a high of $5.54. While a decision still hangs in the balance of whether FXCM will raise its bid to pressure Gain’s board to accept a deal or walk away, CEO Glenn Stevens has reportedly been taking advantage of the price appreciation to exercise options and sell into the rally. According to just filed SEC documents, a total of 31,250 shares were acquired and sold on April 15th with a purchase price of $2.43 and average selling price of $5.35 for a $91,250 gain. The options are part of a larger package that was granted to Stevens in 2005. Following the sale, Stevens still controls 914,989 shares.

In the past Steven’s has been a quarterly seller of options, having exercised and sold positions in January 2013, July 2012, and January 2011. However, in terms of the number of shares, 32,500 was the largest single sell. While the sale calculates to only 3.3% of Steven’s holdings, it does mark the first significant transaction from and Insider following the announcement of FXCM’s bid.