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Bitcoin maximalist Michael Thaler has announced that he will step down as CEO of MicroStrategy, the business intelligence company he co-founded in 1989.
In Tuesday’s notice of earnings for the second quarter of 2022, MicroStrategy said Said Thaler will assume a new role on the company’s executive committee, and President Fong Li will become CEO. The changes he plans to take effect on August 8th.
We believe that splitting the roles of chairman and CEO will allow us to better pursue two corporate strategies: acquiring and holding bitcoin and growing our enterprise analytics software business, Thaler said.
please join @micro strategy Discuss financial results for the second quarter of 2022, management changes, and answer business and outlook questions. # Business Intelligence When #bitcoin. $MSTRhttps://t.co/SxAjhbM9WD
Michael Saylor (@saylor) August 2, 2022
After serving as MicroStrategy’s Chief Financial Officer from August 2015 to July 2019, Le also held responsibilities as the company’s president until May 2022, when he assumed the role full-time. According to MicroStrategy, Le will continue his duties as president and CEO to “handle the day-to-day execution of the company’s corporate strategy,” while Saylor will focus on “Bitcoin acquisition strategy and related Bitcoin advocacy initiatives” in his role as executive chair. guess the
MicroStrategy has reported holdings of over 129,699 Bitcoins (BTC) as of June 30, worth approximately $2 billion given the company’s cumulative impairment losses. quarter. A business intelligence firm disclosed to the U.S. Securities and Exchange Commission that it acquired 480 BTC for his $10 million in June.
Related: BTC Bull’s Michael Thaler: Ethereum Is “Obviously” Security
Amid the market slump in June when bitcoin’s price dipped below $18,000, Thaler said MicroStrategy will “continue HODL through adversity,” as the company prepares for volatility and builds its balance sheet accordingly. He added that he did. – For ex-CEOs, this strategy is To give permission MicroStrategy will pledge collateral even “if BTC price falls below $3,562” – an episodic event during the March 2020 market crash.
‘No Problems’ MicroStrategy CEO Plans to Hold Bitcoin ‘Through Adversity’
Investment bank Jefferies reported on July 26 that it had lowered MicroStrategy’s share price from hold to underperform, with a price target of $180. At the time of this article’s publication, MSTR’s stock is trading at his $278.26, up more than 48% over the past 30 days.
