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On Tuesday, one of the world’s most outspoken Bitcoin advocates, Michael Saylor has announced to step down from his role as MicroStrategy Chief Executive Officer and will continue as executive chairman of the business intelligence firm that he founded himself in 1989.
Saylor started making a name for himself in the past years, when his firm started purchasing billions of dollars of Bitcoin (BTC), granting him the Bitcoin Bull credentials. Where Tesla recently sold 75% of its Bitcoin holdings, MicroStrategy is still holding on to its coins.
Phong Le, who has been with the firm since 2015 in senior executive roles and served as the company’s president since July 2020, will be taking over from Saylor.
In a statement on Tuesday Saylor said:
“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, while Phong will be empowered as CEO to manage overall corporate operations.”
The same day, MicroStrategy released its second-quarter results where it posted impairment losses of $917.8 million on its BTC holdings, resulting from the cryptocurrency’s massive depreciation this year.
During the Q2 earnings call, the new CEO said that under his executive leadership, the company will not change its strategy with regards to Bitcoin. He said:
“I would sort of see this as a business as usual transition.”
MicroStrategy owns 129,699 Bitcoin worth roughly $3 billion at current price per coin. The firm’s holdings were bought for about $4 billion in the past years.