MicroStrategy shared its second quarter reports. The company has 129,699 Bitcoins worth $1,988 billion as of June 30. In its balance sheet reports, the company announced a cumulative loss of $ 1.989 billion due to the Bitcoins they hold.
MicroStrategy CEO Michael Saylor resigns!
He started investing in Bitcoin in the summer of 2020 after Michael Saylor, co-founder and CEO of MicroStrategy, said he saw Bitcoin as a hedge against inflation. With Bitcoin, which gained value at that time, the company continued to increase in value.
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However, when Bitcoin could not continue its rise and fell, the company began to lose value. The value of MicroStrategy’s stock has dropped by nearly 50 percent this year in line with Bitcoin’s decline. The company also posted a loss of more than $1 billion in the second quarter.
Following the latest developments, the company’s co-founder and CEO, Michael Saylor, announced that he left his CEO position. Saylor stated that he will continue to serve as chairman of the board, maintaining his strategy of buying Bitcoin. Company president Phong Le will take the vacant CEO seat from Saylor.
The company generated revenue of $122.1 million last quarter. MicroStrategy’s expectation was $123.25 million for the quarter. Net loss in the second quarter of 2022 was announced as $ 1.062 billion. Compared to the $299.3 million loss in the same quarter of last year, the company can be said to be in a difficult position. This loss of over $1 billion is more than double the company’s entire annual revenue.
With all these developments, it is emphasized that there is no change in the company’s Bitcoin strategy. It is stated that Michael Saylor, who left the CEO, will thus focus more on Bitcoin, while it is stated that the company will try to earn more money to buy more Bitcoin.
So what do you think about the developments in MicroStrategy? Do you think the company will be able to take the damage out of Bitcoin? You can share your views with us in the comments section.