coinculture.com
Microstrategy reveals in a new statement that Saylor will become its new executive chairman on August 8, focusing on innovation and long-term company strategy.
You might also like
Warren Buffett-backed Nubank Registers 1M Users Just In A Month
Ethereum Creator Predicts Failure Of Facebook’s Metaverse Attempt
In a statement, the firm says that the executive retains his positions as chairman of the board and head of the investments committee, as well as responsibility for the company’s Bitcoin acquisition strategy.
Michael Saylor steps down as MicroStrategy CEO. Image: Eva Fox
Saylor assumes his new job when Bitcoin trades at a third of its all-time high.
MicroStrategy presently has 129,699 BTC, which it acquired for an average of $30,665 per Bitcoin. The company’s BTC value is approximately $4 billion. Still, as of the time of writing, the flagship cryptocurrency trades for $23,000, reducing the value of the Bitcoin acquired to $2,983,077,000.
According to the recent financial report, the company’s digital asset impairment loss for the second quarter of 2022 is $917.8 million. Despite this, MicroStrategy has no immediate plans to sell its crypto holdings.
Saylor believes that separating the responsibilities of the Chairman and CEO would let the company pursue its two corporate ambitions more effectively: acquiring and holding Bitcoin and expanding its enterprise analytics software business. As Executive Chairman, he will be able to devote greater attention to Bitcoin acquisition strategy and associated Bitcoin advocacy efforts.