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.
See related article: Vitalik Buterin calls MicroStrategy’s Michael Saylor a ‘total clown’
Fast facts
- 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.
See related article: Michael Saylor’s MicroStrategy buys more Bitcoin