MicroStrategy, a renowned American business intelligence firm, has garnered attention for its notable Bitcoin investments. However, the most recent reason the company is in the spotlight once more is not for its BTC investments.
On Wednesday, the company announced that Kevin Adkisson, the Chief Revenue Officer and Senior Executive Vice President has stepped down after serving for a seven-year tenure.
According to a regulatory filing by MicroStrategy, Adkisson has officially resigned from his position within the company, and Phong Le, the company’s president and chief executive, has taken over the responsibilities of Adkisson as the head of the sales organization and function.
However, Adkisson will continue his association with the company in a non-executive officer role, providing advisory services during a transition period that has yet to be determined.
The exact reasons behind Adkisson’s departure are not immediately evident. But MicroStrategy confirmed that Kevin Adkisson, who became part of the company in October 2016, held his most recent position from January 2022.
MicroStrategy Revives Bitcoin Purchases
MicroStrategy’s Chief Revenue Officer, Kevin Adkisson, departs amidst the company’s significant Bitcoin purchases. Last month, MicroStrategy acquired 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 its recent acquisition of BTC, its total Bitcoin holdings now stand at approximately 152,333 bitcoins.
MicroStrategy continues to hold the distinction of being the public company with the largest Bitcoin holdings by a significant margin. Throughout the past two years, MicroStrategy has consistently expanded its cryptocurrency holdings by continuing to purchase BTC at various points.
During the crypto winter of 2022-2023, the cryptocurrency market faced significant turbulence due to the collapse of LUNA and the bankruptcy of FTX. As a result, the company’s BTC investments struggled for a prolonged period. Now, however, the company’s entire Bitcoin investment is now worth $4.728 billion, meaning that the company is over $200 million in profit already.
Following the substantial purchase, the trading price of Bitcoin underwent a significant surge, reaching the $31,000 mark. Although the price of Bitcoin has since retraced to $30,350, with a current market capitalization of $584.74 billion.
MicroStrategy was established in 1989 by Michael J. Saylor, Sanju Bansal, and Thomas Spahr. The company specializes in software development for data analysis, aiding in making informed business decisions and creating mobile applications. The company which is headquartered in Tysons Corner, Virginia, moved its focus to BTC in 2020, following Saylor’s success with his own personal Bitcoin portfolio.