Michael Saylor, one of the most prominent bitcoin advocates, will be relinquishing his CEO role to a deputy.
As Saylor moves into the executive chair, it begs the question of what it really means for bitcoin.
Michael Saylor Drops CEO Role At MicroStrategy
In what is undoubtedly one of the most surprising resignations in crypto to date, Michael Saylor, who has served as the chief executive officer of MicroStrategy since 1989, has stepped down — effective from August 8th.
MicroStrategy’s president Phong Le will be replacing Saylor as CEO. On the other hand, Saylor will take on a new role as executive chair of MicroStrategy, which is presently the publicly-traded company with the biggest BTC treasury in the world.
During an earnings conference call on Tuesday, Saylor noted that splitting roles will allow him to focus more on the firm’s bitcoin hoard.
“I will remain an executive officer of the company and chairman of the Board of Directors, as well as assuming the chair of investments committee and leading our bitcoin acquisition strategy. My focus is bitcoin advocacy and education, like with the Bitcoin Mining Council, and being spokesperson and envoy to the global bitcoin community.”
The ardent bitcoin supporter further said the decision to reorganize MicroStrategy’s managing team “was carefully considered and planned at the board leadership” for at least seven years.
Will This Affect Bitcoin In Any Way?
Phong Le assumed the role of the chief financial officer of MicroStrategy in August 2015 when he joined the company. Le has served as president of the business intelligence company since July 2020. He will continue his duties as president and CEO in managing the firm’s day-to-day operations.
When asked about the changes he wished to make as the new CEO, Le opined he had no significant changes planned as “this is a business-as-usual transition.”
While the news of Saylor stepping down may have been an unpleasant surprise for some crypto enthusiasts, the fact that one of the most vocal bitcoin evangelists and investors in the industry is going to concentrate on crypto should be deemed a big boon for bitcoin as he will be able to manage MicroStrategy’s portfolio more keenly and potentially make more BTC purchases in the future.
MicroStrategy became the first Nasdaq-listed company to put bitcoin on its balance sheet in late 2020, paving the way for other U.S. tech giants like Tesla and Square to adopt the benchmark cryptocurrency as part of their treasuries.
While Elon Musk’s Tesla sold a huge chunk of its BTC stash, MicroStrategy has remained resilient despite the 2022 crypto meltdown that saw the top crypto shed over 50% of its value since the start of the year. MicroStrategy owned 129,699 BTC (equivalent to $2.98 billion) as of June 29. The coins were acquired for nearly $4 billion, meaning MicroStrategy is currently sitting on a massive loss on its investment.