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According to an official statement posted on Tuesday, MicroStrategy CEO Michael Saylor is stepping down to take on the role of the executive chairman "to focus more on our Bitcoin acquisition strategy and related Bitcoin advocacy projects." With the report, the company can divide its attention between two commercial strategies: expanding its enterprise software business and Bitcoin. Phong Le, the current president of the company, will succeed Saylor as CEO on August 8. https://twitter.com/saylor/status/1554559189791526914
MicroStrategy: Significant Bitcoin Holder
According to Bitcoin treasuries, MicroStrategy is the most significant corporate Bitcoin holder, holding little under 130,000 BTC in its treasuries, which are worth over US$2.9 billion at Wednesday's pricing. Saylor has claimed that rather than having a similar product, continuously rejected by the country's Securities and Exchange Commission (SEC), the company also serves as an unauthorized US Bitcoin spot exchange-traded fund. The financial results for the three months ending on June 30, 2022, or the second quarter of MicroStrategy's fiscal year 2022, were also made public today. At the beginning of the year, MicroStrategy stock lost 50% of its value, closing yesterday at US$278, while Bitcoin lost 51% of its value. According to its most recent financial report, the company also recorded a non-cash digital impairment charge of US$917.8 million in Q2 2022 due to the drop in Bitcoin's price relative to its purchase price.