Microstrategy CEO Saylor moves to chairman role, focusing on strategy and bitcoin
Summary
"I believe that splitting the roles of Chairman and CEO will enable us to better pursue our two corporate strategies of acquiring and holding bitcoin and growing our enterprise analytics software business. MicroStrategy may technically be in the business of enterprise software and cloud-based services, but Saylor has said the publicly traded company doubles as the first and only bitcoin spot exchange-traded fund in the U.S. "Were kind of like your nonexistent spot ETF," Saylor told CNBC on the sidelines of the Bitcoin 2022 conference in Miami in April. So far, the Securities and Exchange Commission has only approved ETFs that track contracts speculating on the future price of bitcoin, instead of the cryptocurrency itself. The commission has refused to greenlight any of the formal applications for a pure-play bitcoin-based ETF — a financial instrument that would give investors the chance to invest in bitcoin without having to go through the motions of signing up for an exchange, opening a crypto wallet, or dealing with any of the other logistics involved with buying and holding bitcoin. The company has now spent close to $4 billion acquiring bitcoin at an average price of $30,700.
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