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MicroStrategy, Bitcoin and What’s Next for Michael Saylor

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Michael Saylor has stepped down as MicroStrategy's  (MSTR) - Get MicroStrategy Incorporated Report CEO. However, he will stay on as the executive chairman, and he said that the move will allow him to be focused on the company's Bitcoin acquisition strategy.

During the conference call following earnings, Saylor said that he will also be active in bitcoin advocacy and education. Phong Le, who was formerly the CFO and is the president, will take over as CEO.

Le has said that he doesn't have significant changes planned, but he did highlight the addition of Andrew Kang who took over as CFO two months ago. Microstrategy did report a $917 million loss attributable to its bitcoin holdings. It currently has around 129,000 bitcoins.

FULL VIDEO TRANSCRIPT BELOW:

Arguably one of the biggest advocates of Bitcoin, Michael Saylor is stepping down as MicroStrategy's CEO. He will, however, stay on as executive chairman.

At first glance, this might look like a bad thing because the company holds around 129,000 Bitcoin on its balance sheet, which resulted in them having a $917 million loss in this quarter. However, Saylor insists he’s stepping down in order to split the roles of Chairman and CEO in order to better pursue the company’s 2 corporate strategies. That being acquiring and holding bitcoin, which will be his role and the other is growing the enterprise analytics software business.

Phong Le, who was formerly CFO and President, will focus on that part of the business and will act as CEO. If you remember, Microstrategy borrowed over 2 billion dollars to buy Bitcoin…so I wonder what their bitcoin strategy will be going forward given that that’s Micahel Saylor only job now…what are your thoughts?

It’s your boy Ross Mac and that was the Crypto Minute on TheStreet. 

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