MicroStrategy’s $2,983,077,000 Bitcoin Trove Not for Sale After CEO Michael Saylor Steps Down
Michael Saylor has stepped down as CEO of enterprise analytics firm MicroStrategy, but the company will continue to acquire and hold Bitcoin (BTC).
In a new statement, Microstrategy announces that Saylor will be its new executive chairman effective August 8th to focus on innovation and long-term corporate strategy.
The executive is retaining his role as chairman of the board of directors and as head of the investments committee, and remains in charge of the company’s Bitcoin acquisition strategy.
Saylor is assuming his new position as Bitcoin trades at just a third of its all-time high.
MicroStrategy currently owns 129,699 BTC, which the company bought for an average price of $30,664 per Bitcoin. The purchase value of the company’s BTC trove is nearly $4 billion, but as the flagship crypto asset trades for $23,000 at time of writing, the Bitcoin acquisition is now worth just $2,983,077,000.
In its latest financial report, the company says that its digital asset impairment loss for Q2 of 2022 is $917.8 million. Despite this, MicroStrategy is not selling its crypto assets soon.
Says Saylor,
“I believe that splitting the roles of Chairman and CEO will enable us to better pursue our two corporate strategies of acquiring and holding Bitcoin and growing our enterprise analytics software business. As Executive Chairman I will be able to focus more on our Bitcoin acquisition strategy and related Bitcoin advocacy initiatives.”
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Author: Daily Hodl Staff
