Business intelligence company MicroStrategy released its Q2 2022 earnings call on Tuesday. The report was accompanied by the resignation of the company’s CEO, Michael Saylor. Saylor, a renowned Bitcoin bull and supporter, has accumulated Bitcoin for MicroStrategy over the years.
Michael Saylor steps down as MicroStrategy CEO
Saylor has served as the CEO of MicroStrategy since the company was founded in 1989. In recent years, Saylor has used MicroStrategy’s funds, including debt sales, to buy Bitcoin.
Saylor will now step down from this role, and he will now serve as the executive chairman. MicroStrategy’s current President Phong Le, will take over the CEO position. These changes will be effected on August 8.
Speaking on his resignation, Saylor said that his new role as chairman would allow him to pay more attention to the company’s Bitcoin holdings. MicroStrategy has the largest Bitcoin Treasury among publicly traded companies.
While releasing the company’s second-quarter earnings call, Saylor said that he would serve as the chairman of the Board of Directors and assume the chair of the investments committee, spearheading the company’s Bitcoin acquisition strategy.
Saylor said that his focus would be on Bitcoin advocacy and education, including serving in his role at the Bitcoin Mining Council. He would also be the spokesperson and representative of the global Bitcoin community.
He also said that splitting the functions of the CEO and Chairman would enable the company to pursue its two main strategies: growing its enterprise analytics software operations and holding Bitcoin.
On the other hand, Le commented on the changes saying that this was “a business-as-usual transition.” He noted that MicroStrategy would continue to focus on running its enterprise software company while aligning its Bitcoin acquisition strategy.
Le has served as the president of MicroStrategy since July 2020. He has also held several senior executive positions since joining it in 2015. Some previously-held roles include the Chief Financial Officer and the Chief Operating Officer.
MicroStrategy’s Bitcoin position
MicroStrategy’s Q2 earnings call showed that as of June 30, the company held 129,699 BTC, valued at around $2.99 billion at the current prices. The company said that the coins were acquired at an average price of $30,664, showing that the company’s Bitcoin investment was currently at a loss.
Michael Saylor is resigning as CEO of MicroStrategy after the company faced losses due to his investment in Bitcoin. The Q2 results revealed that the business intelligence firm incurred an impairment charge of $917.8 million on its Bitcoin assets, highlighting the significant drop in Bitcoin prices over the last quarter.
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