MicroStrategy Financial News

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Bitcoin [BTC] maximalist and Microstrategy board chairman Michael Saylor recently said that the Ethereum [ETH] Merge meant BTC was going to be stronger. Bloomberg reported that Saylor made that statement while attending an Australian conference. According to him, moving from Proof-of-Work (PoW) to Proof-of-Stake (PoS) renders ETH less of a crypto asset. Saylor said,

MicroStrategy CEO and Bitcoin (BTC) advocate Michael Saylor doubled down on his support for Bitcoin as he explained the issues related to transferring the value of physical properties such as gold, company stocks or equity and real estate during the Australia Crypto Convention.

Cryptocurrency has converted another veteran of Wall Street after ex-Morgan Stanley executive Kevin Lepsoe launched a new platform for decentralized finance (DeFi). His new firm, Infinity Exchange, received a nice injection of seed funding in a bid to boost DeFi adoption among institutions. In his pledge to help build “DeFi 2.0,” Lepsoe described one of the biggest pain points of DeFi 1.0 — and it’s one you probably haven’t heard of. As it turns out, if you want institutions to adopt your products and services, you need to give them a product suite they’re familiar with. Until then, DeFi offers a value proposition that’s obscured by risk and inefficiency. 

MicroStrategy Inc plans to increase its bitcoin holdings through the net proceeds of its sale of up to $500 million worth of its class A shares.

While crypto assets like Ethereum (ETH) have been receiving most of the attention due to the upcoming upgrade called 'The Merge', the Bitcoin network itself has been getting some headlines. First, the top cryptocurrency showed signs of a breakout and then dropped to $20,000 on September 13, indicating a volatile week. Second, despite huge losses in the latest quarterly report, software firm Microstrategy (NASDAQ: MSTR) has announced buying more Bitcoins.

Bitcoin [BTC], the largest cryptocurrency rose past its fears as it traded above the $21k mark. Needless to say, the surge injected a much-needed relief to BTC holders be it traders or long-term investors.

MicroStrategy, the largest institutional Bitcoin (BTC) buyer, entered an agreement with two agents — Cowen and Company and BTIG — to sell its aggregated class A common stock worth $500,000,000, reveals Securities and Exchange Commission (SEC) filing.

 

The District of Columbia attorney general sued Michael Saylor, the founder and chairman of software intelligence firm MicroStrategy, alleging he dodged more than $25m in district taxes.

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What comes to mind when you think of Gucci? Designer handbags, fashion jewelry, elegant Swiss watches? What about payment integration with an ERC-20 governance and utility token that wants to power Web3? Rolls off the tongue, doesn’t it? The iconic Italian fashion brand announced this week it would expand its payment options to include the Bored Ape Yacht Club-affiliated ApeCoin (APE) — but only through BitPay. In other words, Gucci will let you liquidate your APE for United States dollars and spend the proceeds at its stores. 

Bitcoin maximalist and co-founder of MicroStrategy, Michael Saylor, is stepping down as a CEO. He will be executive chairman of the software firm, focusing solely on Bitcoin.Saylor has transferred the responsibility to his deputy Phong Le, the company's current president. Following his departure, the company's shares (NASDAQ: MSTR) soared nearly 15% on August 3.

Michael Saylor, the CEO of MicroStrategy corporation and one of the biggest Bitcoin advocates, has handed over his CEO role to his deputy personnel.  

The bitcoin (BTC)-keen American software firm MicroStrategy could pivot even further toward BTC – despite the announcement that its co-founder Michael Saylor will step down as CEO on August 8.

MicroStrategy CEO Michael Saylor said he would step down from the top job next week and assume the role of executive chairman, as his company reported a loss of $1.06bn in the second quarter.

Bitcoin maximalist Michael Saylor has announced that he will step down as the chief executive officer of MicroStrategy, the business intelligence firm he helped co-found in 1989.

Ethereum [ETH]’s price action has seen some significant upside in the last couple of days as FUD and bearish pressure subside. However, unforeseen risks and black swan events might extend its downside.

MicroStrategy Inc. began buying Bitcoin in bulk in the summer of 2020, CEO Michael Saylor said it was because inflation would make cash worthless. The crypto pile he has since accumulated was worth $3.4 billion less at the end of the second quarter than the previous one. Technically, the decline is yet another paper loss for the enterprise software maker under US accounting rules until any of the Bitcoin is sold, but there are consequences. MicroStrategy will likely need to take a substantial impairment charge when it reports second-quarter results. And for shareholders, the stock tumbled 66% in the quarter ended Thursday, outpacing Bitcoin’s 59% decline. Saylor has downplayed any concerns, sticking to the strategy and adding to his stockpile last quarter as Bitcoin experienced its biggest price drop in more than a decade. MicroStrategy noted at the end of June that it would report results as normal later in the coming quarter even though Wall Street regulators typically require companies to flag big losses much earlier.

Coinbase has long been considered an important bellwether of the cryptocurrency market. Last year, when the company was expanding its workforce, adding institutional clients and issuing stock, crypto prices were hitting record highs. Now, in the depths of crypto winter, Coinbase finds itself slashing a fifth of its workforce, losing retail trading volume and contending with downgrades of its credit and stock.

Not minding the losses accrued thus far, MicroStrategy Incorporated has continued to buy the dip, the latest of which is 480 units of Bitcoin (BTC) worth approximately $10 million.