According to the article, the corporation will create a new position of executive chairman, which Michael Saylor will assume.

Meanwhile, Phong Le, the company's president and chief financial officer, will succeed Saylor as CEO, and Andrew Kang, the company's remaining president, will become the new CFO.

Bitcoin holdings at MicroStrategy

As of June 30, the business intelligence firm had 129,699 Bitcoins and was worth $1.988 billion.

According to the company, this represents a cumulative impairment loss of $1.989 billion since it began purchasing Bitcoin in 2020. The company indicated that their average cost per bitcoin is around $30,664.

Meanwhile, despite the losses, the corporation has stated that it would continue to hoard its Bitcoins.

Since adopting Bitcoin, MicroStrategy's stock has outpaced the Nasdaq, Gold, Silver, and even the stock performance of some of the largest technology firms, like Google, Meta, Netflix, Microsoft, and others.

Michael Saylor will be appointed as the next executive chairman.

During the results call, Michael Saylor announced his resignation as CEO of MicroStrategy.

Saylor said that in his new capacity, he will be able to focus on acquiring more cryptocurrencies for the organization. Saylor stated:

"As Executive Chairman, I will be able to devote more time to our bitcoin acquisition strategy and associated bitcoin advocacy projects, while Phong will be given the authority to handle broad business operations."

MicroStrategy shares are being shorted.

According to Bloomberg News, short holdings in Microstrategy shares have lately increased.

According to the research, 51% of MicroStrategy's available shares are sold short, valued at $1.4 billion.

According to the research, short positions increased by 680,000 shares in the past seven days and by 1.2 million shares in the last 30 days.