Categories: Crypto NewsNews

MicroStrategy’s Bitcoins not for sale after CEO Michael Saylor steps down

Published by
Nonhlanhla P Dube

MicroStrategy’s CEO, Michael Saylor, has stepped down, but the company will continue to buy and retain Bitcoin (BTC).

Microstrategy announced in a new statement that Saylor will become its new executive chairman on August 8th, with a focus on innovation and long-term company strategy.

The executive will continue to serve as chairman of the board of directors and head of the investments committee, and he will also continue to oversee the company’s Bitcoin acquisition strategy.

Saylor takes on his new role as Bitcoin trades at only one-third of its all-time high.

MicroStrategy presently owns 129,699 Bitcoins, which it purchased at an average price of R514K per Bitcoin. The company’s BTC stash was purchased for over R67 billion, but with the flagship cryptocurrency trading for only R385,000 at the time of writing, the Bitcoin acquisition is now worth only R49, 939, 841, 210.

According to the company’s most recent financial report, its digital asset impairment loss for the second quarter of 2022 was R15 million. Despite this, MicroStrategy is not planning to sell its crypto assets anytime soon.

Saylor explains,

“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. As Executive Chairman I will be able to focus more on our Bitcoin acquisition strategy and related Bitcoin advocacy initiatives.”

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
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