MicroStrategy’s share price jumped nearly 15% in early trading on Wednesday in the U.S. following Tuesday’s announcement that current CEO Michael Saylor is stepping down from that role to become executive chairman and will lead the company’s Bitcoin acquisition focus.
See related article: MicroStrategy CEO Michael Saylor moves to chairman role to focus on Bitcoin
- Shares in the enterprise software company reached their highest point since early May on Wednesday morning before retreating 4% to close trading at US$313.
- While trading down more than 40% from the beginning of the year, MicroStrategy’s share price has more than doubled since mid-June.
- Saylor, a long-standing Bitcoin advocate, said he was taking up the new position “to focus more on our Bitcoin acquisition strategy and related Bitcoin advocacy initiatives.”
- It remains unclear whether the price surge represents approval of the company’s Bitcoin pivot or an indictment of Saylor as CEO.
- MicroStrategy remains the largest corporate holder of Bitcoin with an estimated 129,699 BTC worth roughly US$3 billion in its treasuries, according to BitcoinTreasuries.
See related article: Michael Saylor’s MicroStrategy buys more Bitcoin