Michael Saylor wants to focus on Bitcoin (BTC) and step down as CEO

In order to focus on MicroStrategy’s Bitcoin (BTC) business, Michael Saylor stepped down as CEO in favor of Phong Le. He nevertheless remains chairman of the board of directors, but will now focus on the acquisition of new bitcoins as well as their use by his company.


Michael Saylor passes the torch to dedicate himself to Bitcoin

MicroStrategy company is famous in the ecosystem thanks to its CEO Michael Saylor, a strong supporter of Bitcoin (BTC). On the occasion of the publication of its quarterly results, the company announces that this role of CEO will be assigned to Phong Le, who already held management positions. Michael Saylor, meanwhile, remains Chairman of the Board of Directors.

This measure will take effect from August 8.

The objective of this maneuver is in fact to delegate the management of day-to-day activities of the company. Thus, Michael Saylor will be able to focus on MicroStrategy’s operations vis-Γ -vis Bitcoin.

β€œI believe that separating the roles of chairman and CEO will allow us to better pursue our two business strategies of acquiring and holding bitcoin and growing our business analytics software business. As Executive Chairman, I will be able to focus more on our bitcoin acquisition strategy […] while Phong will be empowered as CEO to manage the entire operations of the company. Β»

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A pronounced appetite for BTC

If some players like Tesla have not been able to keep their positions despite their promises, MicroStrategy shows a market resilience. Indeed, since the last quarter of 2020, the company has continued to increase its reserves of bitcoins and does not seem determined to backtrack:

Bitcoin MicroStrategy

Summary of MicroStrategy BTC holdings

If the quantity of bitcoins purchased seems to have slowed since the first quarter of 2022, MicroStrategy still has 129,699 BTC. Valued at 2.45 billion dollars at the end of the second quarter, they are now worth more or less 3 billion.

With a average unit acquisition cost of $30,650, MicroStrategy is in losses on its investments. However, Michael Saylor takes us to the heights of the situation with a graph, which shows that since his company turned to Bitcoin, its shares have gone up. valued by 123% and the BTC by 94%. At the same time, other well-known active ingredients perform less well:

Of course, we should not make hasty shortcuts between its different comparisons either. On the other hand, it puts into perspective the long-term dynamics cryptocurrencies. If current prices can still go for lows, it is sometimes good to remember the fundamentals of the leader of our ecosystem to strengthen his conviction towards the future.

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Source: Press release

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