MicroStrategy CEO Michael Saylor is stepping down to become executive chairman “to focus more on our Bitcoin acquisition strategy and related Bitcoin advocacy initiatives,” according to a company statement released Tuesday.
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- According to the statement, this will allow the company to split its focus between two corporate strategies; one being growing its enterprise software business, while the other is Bitcoin.
- Current company president Phong Le will take up the position of CEO once Saylor steps down on Aug. 8.
- With just shy of 130,000 BTC in its treasuries, worth roughly US$2.9 billion at Wednesday’s prices, MicroStrategy is the largest corporate holder of Bitcoin, according to BitcoinTreasuries.
- Saylor has said the company doubles as an unofficial U.S. Bitcoin spot exchange-traded fund, in lieu of such a product being repeatedly knocked back by the country’s Securities and Exchange Commission.
- MicroStrategy stock is down 50% since the start of the year, closing yesterday at US$278.26, while Bitcoin fell 51% over this same period.
- The firm also took a non-cash digital impairment charge of US$917.8 million in Q2 2022 related to the decline in Bitcoin’s price compared to the price at which it was purchased, according to the company’s most recent earnings report.
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