MicroStrategy, Bitcoin maximalist, CEO change

Michael Saylorco-founder of MicroStrategyquit his job as CEO after more than 30 years in this position. L’company well though son attachment to Bitcoindespite a strong depreciation of assets.

In 2017, Michael Saylor predicted the disappearance of Bitcoin as this one entered a crypto winter cycle. Three years later, the leader of the publisher MicroStrategy had radically changed position.

The CEO, in office since 1989, when the firm was created, announced that he wanted acquirer of BTC as a cash asset. Since then, the company has continued to purchase bitcoins until it became the first corporate in this area.

New leadership but recommended BTC strategy

On the occasion of the presentation of its latest quarterly results, MicroStrategy announces a change at the head of the company. Michael Saylor no longer holds the position of CEO. succeeds him Phong LePresident and Chief Financial Officer.

As for the founder, he takes the title of executive chairman of the listed company. This change in management did not in any way translate into a reversal with regard to cryptocurrency.

In his new functions, Saylor estimates that he will be able to dispense more with the bitcoin acquisition strategy and initiatives to promote it. Phong Le will manage “all of the company’s operations. »

The ex-CFO of MicroStrategy is also perfectly in line with the Bitcoin policy decided by the founder, who remains the main shareholder in voting rights.

We are the largest company holding bitcoins in the world (…) Our strategy is to buy and hold for the long term”, he underlines.

The wish of Bitcoin: a quality for Saylor

At the accounting level, MicroStrategy must maintain a significant depreciation of assets due to the sharp fall in the price of Bitcoin in 2022. In the 2nd quarter, this amounted to 917.8 million dollars.

Since its first purchase, the publisher has acquired 129,699 BTC at an average price of $30,664. Bitcoin currently costs just under $23,000 according to Coinmarketcap.

At the time of the crypto-asset’s ATH, MicroStrategy’s BTC holdings reached a valuation of around $8 billion. At present, this amount is close to the 2.9 billion. Nothing to worry about Maximalist Bitcoin however.

We anticipated bitcoin recovery […] Wanting it means that bitcoin is more interesting, and therefore that Microstrategy is more interesting”, insists the ex-CEO.

And Chief Financial Officer Andrew Kang said: “We have retained more than sufficient collateral to meet any price discount. »

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