Crypto

Bitcoin Maximalist MicroStrategy Changes CEO – Coins.fr

Michael Saylor, co-founder of MicroStrategy, steps down as CEO after over 30 years in the role. However, the company remains tied to bitcoin despite the sharp asset depreciation.

In 2017, Michael Saylor predicted the demise of Bitcoin as it entered the crypto winter cycle. Three years later, the head of the publishing house MicroStrategy radically changed his position.

The CEO, in power since 1989, when the firm was created, has announced that he wants to acquire BTC as a monetary asset. Since then, the company has continued to buy bitcoins until it became the first corporation in this field.

New leadership but unchanged BTC strategy

On the occasion of the presentation of its latest quarterly results, MicroStrategy announces a change in the head of the company. Michael Saylor is no longer CEO. He succeeded Phong Le, chairman and chief financial officer.

As for the founder, he holds the position of the executive chairman of the listed company. This change in guidance does not in any way reflect changes in relation to cryptocurrencies.

In her new position, Saylor believes she will be able to focus more on her Bitcoin acquisition strategy and initiatives to promote it. Fong Le will manage “all operations of the company. »

The former CFO of MicroStrategy is also fully in line with the Bitcoin policy adopted by the founder, who remains the majority voting shareholder.

We are the largest bitcoin company in the world (…) Our strategy is to buy and hold for a long time,” he emphasizes.

Bitcoin Volatility: Quality for Sailor

At the reporting level, MicroStrategy should still record a significant depreciation of assets due to the sharp fall in the price of bitcoin in 2022. In the 2nd quarter, this amounted to $917.8 million.

Since the first purchase, the publisher has purchased 129,699 BTC at an average price of $30,664. Bitcoin is currently trading at just under $23,000, according to Coinmarketcap.

During the ATH of the crypto asset, MicroStrategy’s BTC assets reached a valuation of around $8 billion. Currently, this amount is approaching 2.9 billion. However, do not worry about this bitcoin maximalist.

We expected bitcoin volatility […] Volatility means that bitcoin is more interesting, which means that micro-strategy is more interesting,” insists the ex-CEO.

And CFO Andrew Kang said: “We have more than enough collateral to handle any price volatility. »

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