Michael Sailor Steps Down as CEO of Microstrategy to Focus on Bitcoin
Categories: Crypto News US
MichaelSailor Steps Down as CEO of Microstrategy to Focus on Bitcoin
Bitcoin permabull Michael Sayer has stepped down from hisrole as chief executive at Microstrategy, a business intelligence firm founded23 years ago to focus on his work in bitcoin.
All In onBitcoin
In MicroStrategy's Q2 results presentation, the company announcedthat Saylor would step down from his role as CEO but assume a new role asexecutive chairman. The presentation made reference to the company's boldTreasury strategy, and identified the key role that Sailor will play goingforward.
CompanyContinues to Make Positive Strides
Given that 2022 has been a bear market of “historicproportions”, it was inevitable that most of the focus would be onMicrostrategy’s macro strategy – buying and holding bitcoin. It is littlesurprise that one of the more notable elements of the Q2 results was theUS$917.8 digital asset impairment charge, which was significantly higher sincethe US$170.1 million in Q1.
Since first purchasing bitcoin in August 2020, the companyhas acquired a total of 129,699 BTC at an average price of US$30,664 per coin,and has continued at an unrelenting pace.Recently bought another 421 BTC at just over$20,000. Naturally, the mainstream financial media has been quick to criticizethe strategy, particularly with regard to its leveraged position. However,Chief Financial Officer Andrew Kang confirmed that 85,000 BTC were not pledgedor unencumbered.
“We have more than enough collateral to cover any price volatility,” hesaid. Despite the company's position being underwater, Saylerremains steadfast in his commitment, saying: "Microstrategy is class one;we are the largest corporate holder of bitcoin in the world. Our strategy is tobuy and hold for the long term." to do and that's it."