Sunday, October 1, 2023
HomeCryptoMicrostrategy CEO Saylor moves to chairman role

Microstrategy CEO Saylor moves to chairman role

MicroStrategyMichael Thaler will step down from his role as CEO and become the company’s executive chairman. according to the statement It was released by the company on Tuesday afternoon. Company president Fung Li pulls the reins from Sailor.

Thaler has held the role of Chief Executive Officer since the company was founded in 1989. MicroStrategy went public in his 1998.

MicroStrategy’s stock is down more than 48% this year. Bitcoin It has decreased by more than 51% over the same period.

“We believe that the separation of the roles of Chairman and CEO will allow us to better pursue two corporate strategies: acquiring and owning Bitcoin, and growing our enterprise analytics software business. As Executive Chairman, I will: Supporting our bitcoin acquisition strategy and related bitcoin advocacy initiatives, Fong will be empowered as CEO to manage the entire corporate operation,” Thaler said in a release.

The announcement came as the company released its second-quarter earnings, which saw its total revenue decline 2.6% from a year ago.

MicroStrategy may technically be in the business of enterprise software and cloud-based services, but Saylor said it’s also the first and only publicly traded company. Bitcoin US Spot Exchange Traded Funds

“We’re like your spot ETF that doesn’t exist,” Thaler told CNBC during the Bitcoin 2022 conference in Miami in April.

So far, the Securities and Exchange Commission has only approved ETFs that track contracts that speculate on the future price of Bitcoin, not the cryptocurrency itself.the committee refused the green light Any formal application for a pure Bitcoin-based ETF — Bit, a financial instrument that gives investors the opportunity to invest in Bitcoin without signing up for an exchange, opening a cryptocurrency wallet, or trading. Other logistics related to purchasing and holding coins.

“If you had a spot ETF, you would pay a 1% fee and it would be unleveraged. At MicroStrategy, we have a software company that generates the cash flow and converts the cash flow into bitcoin,” he said. . Sailor in April.

MicroStrategy has been adding Bitcoin to its corporate balance sheet for the past two years. The company currently spent nearly $4 billion Get Bitcoin at an average price of $30,700.

MicroStrategy used company debt to buy Bitcoinand in March Thaler decided to take another step towards normalizing Bitcoin-backed finance. Borrowed $205 million with bitcoin as collateral — Buy ​​more cryptocurrencies.

“We have $5 billion in collateral. We borrowed $200 million. So I’m telling people to go out and get highly leveraged loans.” Not the Bitcoin-backed financial industry,” Thaler said in April.

“Once people realize they can borrow against something, they realize there is no need to sell it at all, and they go from ‘it’s a speculation for 36 months’ to ‘it’s a hold for 36 years’. Start spreading.”


- Advertisment -
Google search engine

Most Popular

Recent Comments