Michael Saylor plans to focus more on MicroStrategy's Bitcoin acquisition strategy in his new role as the company's CEO.
Michael Saylor is stepping down as Chief Executive Officer of MicroStrategy, one of the world's leading business intelligence companies, after 33 years in the role. Saylor will now serve as executive chairman of the company, MicroStrategy said in a statement. release published this Monday.
The reason for Saylor's resignation, the statement said, is the separation of the roles of president and CEO to lead two of the company's most important strategies: business analytics software development, its main business, and Bitcoin investment.
The separation of executive roles at MicroStrategy will be effective next Monday, August 8.
MicroStrategy to maintain its Bitcoin acquisition strategy
In August of 2020, MicroStrategy became the first publicly traded company to invest in Bitcoin, adopting the market’s leading and most important cryptocurrency as the primary reserve asset of its treasury. Since then, the American company has also become the largest institutional investor in Bitcoin, with over 129.690 BTC stored in its corporate treasury.
Due to the popularity that MicroStrategy enjoys in the crypto industry, some in the crypto community are beginning to wonder whether Saylor's resignation as CEO could impact the company's BTC acquisition strategy and, failing that, Bitcoin.
On several occasions, Saylor had reaffirmed the company's position as a Bitcoin holder, assuring that MicroStrategy will never sell its cryptocurrencies. However, with the change in management at the company, changes to its crypto investment strategy could also come.
To clear any confusion, MicroStrategy clarified that Saylor, in addition to serving as CEO, will also serve as head of the company's Board of Directors' Investment Committee. In this role, Saylor “will focus primarily on innovation and long-term corporate strategy, while continuing to oversee the bitcoin acquisition strategy”, MicroStrategy said.
Also on his Twitter account, Saylor invited the crypto community to a webinar in which MicroStrategy's financial results and its business perspectives on business intelligence and institutional bets on Bitcoin were discussed.
According to Bitcoin MagazineDuring the webinar, Saylor explained that from his new position will be able to better focus on the Bitcoin acquisition strategy and on initiatives that are related to the defense of this popular cryptocurrency..
In addition to this, Saylor also hinted that MicroStrategy is working on new Bitcoin-based products., such as the development of “business software that leverages the blockchain network.”
Saylor is known as one of the biggest Bitcoin maximalists in the crypto industry, leading several initiatives related to cryptocurrency and its mining activity, such as the Bitcoin Mining Council and the Digital Currency Initiative; a project promoted by the Massachusetts Institute of Technology (MIT) in which Saylor has invested since 2021. This project is focused on the security of the Bitcoin network.
Who is MicroStrategy's new CEO?
On the other hand, far from the concerns of some, the new CEO of MicroStrategy, Phong Le, who served as executive president and CFO of the company, is also a supporter of Bitcoin and new technologies.
Last year, Le shared his views on institutional investment in Bitcoin during Consensus 2021, where he invited companies to consider investing in the cryptocurrency as a way to maximize shareholder value. In January of this year, Le reaffirmed MicroStrategy’s long-term holder strategy, assuring that excess cash flows at the company would be transformed into BTC.
On the other hand, in the recently published statement, MicroStrategy has recognized Le's work and his participation as one of the leaders of the implementation of the Bitcoin acquisition strategyThe new CEO said he is excited to continue leading the company's long-term growth through its enterprise software business and crypto investment strategies.
Regarding his new position, Le assured that he has no plans to make significant changes in the company.
At press time, the price of Bitcoin (BTC) is trading at around $22.800, showing a slight correction of 0,7% in the last 24 hours.
Continue reading: MicroStrategy Seeks to Meet Bitcoin Demand Through Retirement Plans
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