MicroStrategy CEO Michael Saylor steps down to ‘focus’ on Bitcoin as chairman

Bitcoin Conference Draws Cryptocurrency Fans To Miami
Saylor will take on the role of executive chairman. | Photo by Joe Raedle / Getty Images

Bitcoin advocate Michael Saylor is stepping down as the CEO of the software company he co-founded, MicroStrategy, and will instead take on the role of executive chairman. Saylor’s belief in Bitcoin has turned the company into a holding vehicle for the cryptocurrency. The news came as the company reported its second-quarter earnings. It noted a loss of $1.062 billion, mostly due to an impairment charge of $917 million based on the value of its Bitcoin holdings, which have plunged since the price peaked in November last year.

Phong Le, MicroStrategy’s current president, will take Saylor’s place as CEO. “I look forward to leading the organization for the long-term health and growth of our enterprise software and bitcoin acquisition…

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Author: Emma Roth