MicroStrategy’s Saylor Drops CEO Role as Company Posts $1B Loss | Hacker News Reader

MicroStrategy’s Saylor Drops CEO Role as Company Posts $1B Loss

bloomberg.com

28 pointsthesecretceo7 comments

It's going to be interesting to see if the inheritor of the role still wants MicroStrategy to serve as a defacto Bitcoin holding company, or if he or she will divest or diversify.

I'm not sure that it'll directly impact the markets, since at their scale I assume it'd be an OTC transaction, but it'll be a strong signal either way.

Whether you are BTC bull or bear, MicroStrategy needs to unwind its BTC position. Being a BTC holding co. at this scale is an insult to its workers and customers. If a bull, unwind slowly. If a bear, faster.

how much were they actually holding?

Article says 129,699.

>> “Digital Assets: As of June 30, 2022, the carrying value of MicroStrategy’s digital assets (comprised of approximately 129,699 bitcoins) was $1.988 billion, which reflects cumulative impairment losses of $1.989 billion since acquisition and an average carrying amount per bitcoin of approximately $15,326. As of June 30, 2022, the original cost basis and market value of MicroStrategy’s bitcoin were $3.977 billion and $2.451 billion, respectively, which reflects an average cost per bitcoin of approximately $30,664 and a market price per bitcoin of $18,895.02, respectively.”

— Key fact is that the average cost per bitcoin for MicroStrategy was $31664; which is much higher than I expected and significantly below current market value.

My sense was that MicroStrategy was essentially a failed business anyway, so BTC trading is their business now. Is that wrong? Would they be thriving even without Saylor's incessant boosterism?

Do people actually read more than the headline? The headline is very misleading making it look like he was forced to step down due to the loss.

It says he stepped down to take more time promoting Bitcoin while the next guy takes care of the company. They're in for real...

> Now Michael can focus on what he does best, promoting Bitcoin. And the company can focus on making more money to buy more Bitcoin. They are basically doubling down.

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