MicroStrategy, a well-known US business intelligence company, has made headlines with its notable Bitcoin investment. However, BTC investment is not the reason the company is back in the spotlight these days.
On Wednesday the company announced Kevin Adkisson, chief revenue officer and senior executive vice president, has announced that he is stepping down after a seven-year term.
According to MicroStrategy’s regulatory filings, Adkisson has formally resigned from his position within the company, and the company’s president and chief executive officer, Phong Le, has assumed responsibility for Adkisson’s sales organization and functions. is said to have taken over.
However, Mr. Adkisson will continue his relationship with the company as a non-executive director and provide advisory services during a transition period that has yet to be determined.
The exact reason for Adkisson’s departure was not immediately clear. However, MicroStrategy confirmed that Kevin Adkisson, who joined the company in October 2016, has been in his most recent role since January 2022.
MicroStrategy Brings Back Bitcoin Buying
MicroStrategy’s Chief Revenue Officer Kevin Adkisson retires amid the company’s hefty Bitcoin purchase. Last month, MicroStrategy acquired his 12,333 Bitcoins for $347 million in cash.
MicroStrategy made this announcement on June 28, highlighting one of the most notable Bitcoin purchases made between April 29, 2023 and June 27, 2023. With the recent acquisition of BTC, the company’s total bitcoin holdings are now around 152,333 bitcoins.
MicroStrategy continues to maintain its position as a public company with a significant holding of Bitcoin. Over the past two years, MicroStrategy has consistently grown its cryptocurrency holdings by continuing to buy his BTC at various points.
During the crypto winter of 2022-2023, the cryptocurrency market faced major turmoil due to the collapse of LUNA and bankruptcy of FTX. As a result, the company’s BTC investments have struggled for a long time. But now, the company’s entire Bitcoin investment is worth $4.728 billion, which means the company has already made a profit of more than $200 million.
Bitcoin’s trading price surged to a level of $31,000 following the big buys. Since then, the price of Bitcoin has rebounded to $30,350, giving it a current market capitalization of $584.74 billion.
MicroStrategy was founded in 1989 by Michael J. Saylor, Sanju Bansal, and Thomas Spahr. The company specializes in software development for data analysis, helping to make informed business decisions and mobile his applications. Headquartered in Tysons Corner, Virginia, the company shifted its focus to BTC in 2020 following Thaler’s success with his Bitcoin portfolio.
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