According to a business statement posted Tuesday, MicroStrategy CEO Michael Saylor is stepping down to become executive chairman "to focus more on our Bitcoin acquisition strategy and related Bitcoin advocacy projects."
According to the statement, this will allow the company to divide its attention between two corporate strategies: developing its enterprise software business and Bitcoin.
When Saylor steps down on August 8, current company president Phong Le will take over as CEO.
According to BitcoinTreasuries, MicroStrategy is the largest corporate holder of Bitcoin, with a little under 130,000 BTC in its treasuries, valued at nearly $2.9 billion at Wednesday's pricing.
Saylor has stated that the company also functions as an unauthorized U.S. Bitcoin spot exchange-traded fund, despite the country's Securities and Exchange Commission consistently rejecting such a product.
MicroStrategy stock is down 50% since the beginning of the year, ending yesterday at $278.26, while Bitcoin is down 51% in the same time frame.
According to the company's most recent financial report, the company also recorded a non-cash digital impairment charge of $917.8 million in Q2 2022 due to the fall in Bitcoin's value relative to the price at which it was obtained.