MicroStrategy holds nearly $2 billion in Bitcoin right now.
Bitcoin advocate Michael Sayloras the CEO of the software company he co-founded, MicroStrategy, and will instead take on the role of executive chairman. Saylor’s belief in Bitcoin has turned the company into a holding vehicle for the cryptocurrency. The news came as the company reported its second-quarter earnings. It noted a loss of $1.
Phong Le, MicroStrategy’s current president, will take Saylor’s place as CEO. “I look forward to leading the organization for the long-term health and growth of our enterprise software and bitcoin acquisition strategies,” Le said in a statement to shareholders., and as of June 30th, 2022, MicroStrategy reports it currently holds $1.988 billion in Bitcoin.
Digital Assets: As of June 30, 2022, the carrying value of MicroStrategy’s digital assets was $1.988 billion, which reflects cumulative impairment losses of $1.989 billion since acquisition and an average carrying amount per bitcoin of approximately $15,326. As of June 30, 2022, the original cost basis and market value of MicroStrategy’s bitcoin were $3.977 billion and $2.
MicroStrategy’s message to investors says Saylor will continue to “provide oversight of the Company’s bitcoin acquisition strategy as head of the Board’s Investments Committee.” It’s unclear what prompted the organizational shakeup, as Saylor has helmed MicroStrategy since he founded the company in 1989.
“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,” Saylor says. “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.
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