Cryptos

Michael Saylor to step down as MicroStrategy’s CEO, take up chairmanship. – Entmetrics

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MicroStrategy chief executive Michael Saylor is expected to step down from his current role and take the reins as the company’s executive chairman. The new position will help Saylor focus more on the company’s bitcoin acquisition strategy. Since MicroStrategy’s inception in 1989, Saylor has served as CEO and President. Phong Le is expected to become CEO of MicroStrategy on August 8. He described the leadership shakeup as a transition to the status quo. Le, who joined MicroStrategy in 2015 as chief financial officer and chief operating officer, has no plans to make significant changes to the company. Saylor said the company has carefully considered the issue of CEO succession and has planned at the board level for many years. In a statement during the company’s earnings call on Tuesday, he said separating the roles of chairman and CEO will allow MicroStrategy to better pursue the two corporate strategies of acquiring and holding bitcoin. He also wants the company to expand its business analytics software business. Le said that MicroStrategy is looking to acquire and hold bitcoin for the long term, but there are currently no plans to engage in the sale of BTC. He pointed out that the company has a long-term time horizon. The main business was unaffected by bitcoin‘s short-term price fluctuations. MicroStrategy has purchased 129,699 Bitcoins, since August 2020, at an average price of $30,664 per coin. His total bitcoin holdings were worth around $8 billion when BTC hit an all-time high of $68,000 in November 2021. But now that the crypto market is dormant and bitcoin is trading at $23,000, his holdings are worth $2.9 billion.

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