MicroStrategy recorded an impairment cost of $918 million on its Bitcoin (BTC) holdings within the second quarter, based on its earnings report launched on August 2.
The report additionally revealed that the corporate will create a brand new position of government chairman, which Michael Saylor will fill.
In the meantime, Phong Le, the corporate’s president and chief monetary officer, will turn into the brand new CEO taking up from Saylor, whereas remaining president Andrew Kang will turn into the brand new Chief Monetary Officer.
MicroStrategy’s Bitcoin holding
The enterprise intelligence agency holds 129,699 Bitcoins and is valued at $1.988 billion as of June 30.
Based on the agency, this displays a cumulative impairment lack of $1.989 billion because it started its Bitcoin acquisitions in 2020. The agency said that its common price per bitcoin is roughly $30,664.
In the meantime, the corporate has maintained that it could proceed to hodl its Bitcoins regardless of the losses incurred.
Since MicroStrategy’s Bitcoin adoption, its inventory has outperformed Nasdaq, Gold, Silver, and even the inventory efficiency of among the largest tech corporations like Google, Meta, Netflix, Microsoft, and so on.
Michael Saylor to turn into new government chairman
Michael Saylor revealed that he could be stepping down as MicroStrategy’s CEO through the earnings name.
Saylor added that he’ll now be capable of concentrate on accumulating extra cryptocurrency for the corporate in his new position. Saylor stated:
“As Government Chairman I can focus extra on our bitcoin acquisition technique and associated bitcoin advocacy initiatives, whereas Phong shall be empowered as CEO to handle general company operations.”
Quick positions on MicroStrategy’s shares
Bloomberg Information reported that brief positions on Microstrategy inventory had grown just lately.
Based on the report, 51% of MicroStrategy’s out there shares are bought brief and are price roughly $1.4 billion.
The report continued that the brief positions rose by 680,000 shares within the final seven days and by 1.2 million shares during the last 30 days.
