Crypto Crash confronts Bitcoin guru: Michael Saylor leaves MicroStrategy

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In a statement, MicroStrategy said Saylor will focus primarily on “long-term business innovation and strategy, while continuing to oversee the company’s Bitcoin acquisition strategy.”

“As CEO, I will be able to focus more on our bitcoin acquisition strategy and bitcoin-related promotional initiatives, while Phong will have the authority to oversee all business operations as CEO,” Saylor said in a statement.

At the end of the second quarter, the book value of MicroStrategy’s digital assets (made up of approximately 129,699 bitcoins) was $ 1.988 billion, reflecting cumulative impairment losses of $ 1.989 billion from the acquisition and fair value, he said in a Note.

MicroStrategy’s initial cost base and Bitcoin’s market value were $ 3.977 billion and $ 2.451 billion, respectively, with an average cost per bitcoin of around $ 30,664 and a market price per bitcoin of $ 18,895, $ 02, respectively.

While it does not reflect the current value of the company’s bitcoin investment, the devaluation offers the latest proof of how difficult the cryptocurrency market is for the largest known bitcoin entrepreneur.

On Tuesday afternoon, the price of bitcoin recovered 23% from its low of $ 17,708 per coin on June 17, despite falling 51% since the beginning of the year.

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Since the first Bitcoin purchase in the third quarter of 2020, MicroStrategy has invested over $ 4 billion in cryptocurrencies. To do this, I issued corporate bondsConvertible bonds, issued shares and borrowed some of its bitcoins.

After the announcement, MicroStrategy shares were little changed in after-hour trading. By the close on Tuesday, the stock had risen more than 60 % for the last month but is still down by around 50 % so far this year.

Even the allegations relating to the company’s bitcoin position don’t tell the full story of the company, according to BTIG analyst Mark Palmer, who calls it “accounting noise.”

Under Generally Accepted Accounting Principles (GAAP), MicroStrategy is required to account for your bitcoin purchases by discounting their acquisition cost when the value of the bitcoin decreases.

Under these rules, the value of Bitcoin from the low of the quarter to the end can only be reported if the asset is sold, so the depreciation reflects the lowest value of Bitcoin in the previous quarter and not its value at the end of the second quarter. .

“The reality is that the overwhelming driver, MicroStrategy’s value, is the company’s bitcoin holdings. The driver of this, of course, is the price of bitcoin at any given time,” Palmer added.

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Investors have been selling shares of MSTR at an increasing pace since Bitcoin’s value began to decline in May. Between May and July, the number of MSTR shares sold short increased by 1.19 million, from 2.4 million to 3.6 million shares, reaching over $ 1 billion in par value, according to data from Yahoo Finance. .

Our employees and our brand have incredible dynamism. I want to reaffirm our commitment to our customers, shareholders, partners and employees and look forward to leading the organization towards the health and long-term growth of our business software and bitcoin acquisitions. strategies, “Le said in the statement.

At current market prices, the company’s investments in cryptocurrencies have a total market value of $ 2.9 billion.

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