MicroStrategy founder and Bitcoin bull Michael Saylor is stepping down as CEO of the firm as the business software company reports incurring a $917.8 million BTC loss during the second quarter of the year.

Saylor says that his new position as the company’s chairman will allow him to focus more on being an advocate for the king crypto (Bitcoin).

“I have emerged as an important advocate and spokesperson for the Bitcoin community on a worldwide basis. This will allow me to take the role of executive chairman where I can be a more enthusiastic advocate for Bitcoin while Phong and Andrew manage the corporate operations, execute on the MicroStrategy ongoing business strategy.”

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