MicroStrategy Inc. MSTR announced a CEO transition after the company posted a $1 billion loss on Tuesday night. Although founder Michael Saylor is exiting his role as CEO, the company's Bitcoin BTC/USD approach remains in place.
"Our officers and our directors are unanimously committed to the Bitcoin strategy," Saylor said Wednesday on CNBC's "Squawk On The Street."
What To Know: MicroStrategy is a business intelligence, mobile software and cloud-based services company. More than anything else, it's a bet on Bitcoin. As of June 30, the firm held approximately 129,699 Bitcoins valued at around $2 billion.
Saylor will assume the new role of executive chairman, beginning next week. The company's president, Phong Le, will replace Saylor at the helm.
"I speak for the entire board of directors. We didn't go down this path without thorough consideration," the exiting CEO said.
Saylor, a Bitcoin maximalist, remains confident in the company's Bitcoin strategy — and so does everyone else involved.
"As you can see from the numbers, it's been a screaming home run for the shareholders. It's been great for our customers, our employees, our partners. We're full speed ahead," Saylor said.
Over the last two years, MicroStrategy shares are up 123% (August 2020 - August 2022), outperforming Bitcoin itself, Saylor said. MicroStrategy stock has also outperformed the likes of Alphabet Inc. GOOG, Apple Inc. AAPL and Microsoft Corp. MSFT, which all jumped less than 50% over the same period, he added.
"You never would have guessed that a mid-sized software company in the enterprise software space could outperform all of 'big tech' and every asset class and even Bitcoin from a standing start, but it's worked extraordinarily well for us," Saylor said.
Saylor also told CNBC that he plans to focus even more on Bitcoin in his new role as executive chair.
"Bitcoin is hope and Bitcoin is the strategy that we use in order to outperform during a very difficult financial period," Saylor said. "This will allow me to take the role of executive chairman where I can be a more enthusiastic advocate for Bitcoin."
MSTR Price Action: MicroStrategy has a 52-week high of $576.26 and a 52-week low of $134.09.
The stock was up 13.3% at $315.14 at press time, according to data from Benzinga Pro.
Photo: Eivind Pedersen from Pixabay.
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