February 29, 2024

Michael Saylor has stepped down as CEO of business analytics firm MicroStrategy, but the company will continue to acquire and own Bitcoin (BTC).

In a new statementMicrostrategy announces that Saylor will be its new executive chairman effective August 8 to focus on innovation and long-term corporate strategy.

The executive retains his role as chairman of the board and head of the investment committee and remains responsible for the company’s Bitcoin acquisition strategy.

Saylor takes his new position as Bitcoin trades at just a third of its all-time high.

MicroStrategy currently holds 129,699 BTC, which the company bought at an average price of $30,664 per Bitcoin. The purchase value of the company’s BTC hoard is nearly $4 billion, but as the iconic crypto asset trades for $23,000 at the time of writing, the Bitcoin acquisition is now worth just $2,983,077,000.

In its latest financial report, the company says that the digital asset impairment loss for the second quarter of 2022 is $917.8 million. Still, MicroStrategy isn’t selling its crypto assets anytime soon.

Saylor says,

“I believe that separating the roles of Chairman and CEO will allow us to better pursue our two corporate strategies of acquiring and maintaining Bitcoin and growing our business analytics software business. As Executive Chairman I will be able to focus more on our Bitcoin acquisition strategy and related Bitcoin advocacy initiatives.”

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