MicroStrategy’s $2,983,077,000 Bitcoin Accumulation Not for Sale After CEO Resigns
MicroStrategy’s former CEO, Michael Saylor has resigned, but the corporation will continue to hold Bitcoin (BTC).
Microstrategy reveals in a new statement that Saylor will become its new executive chairman on August 8, focusing on innovation and long-term company strategy.
The executive retains his positions as chairman of the board and head of the investments committee, as well as responsibility for the company’s Bitcoin acquisition strategy. Saylor assumes his new job when Bitcoin trades at a third of its all-time high.
MicroStrategy presently has 129,699 BTC, which it acquired for an average of $30,665 per Bitcoin. The company’s BTC hoard purchase value is approximately $4 billion. Still, as of the time of writing, the flagship cryptocurrency trades for $23,000, reducing the weight of the Bitcoin acquisition to $2,983,077,000.
According to its most recent financial report, the company’s digital asset impairment loss for the second quarter of 2022 is $917.8 million. Despite this, MicroStrategy has no immediate plans to sell its crypto holdings.
According to Saylor, I think dividing Chairman and CEO will help us execute our two company strategies: acquiring and holding Bitcoin and building our enterprise analytics software business. As Executive Chairman, I can concentrate more on Bitcoin acquisition and advocacy.