Michael Saylor Loses MicroStrategy Voting Control Amid Soaring BTC Adoption
Michael Saylor is now officially no longer in control of MicroStrategy. According to Matt Walsh, the company has sold too many shares under the Sales Agreements.
This means Saylor no longer has over 50% of the voting power and MicroStrategy is no longer a “controlled company” under Nasdaq rules.
Being no longer a controlled company means they can’t use the Nasdaq corporate governance exemptions. This could be big changes for MicroStrategy as they’ve been synonymous with their Bitcoin accumulation strategy.
This could change market sentiment and change how the company is viewed as a Bitcoin investment vehicle.
Bitcoin Accumulation Remains a Priority for MicroStrategy
Despite the governance changes, MicroStrategy hasn’t deviated from their Bitcoin acquisition plans. They just increased the convertible senior notes offering from $1.75 billion to $2.6 billion and are committing to more Bitcoin.
To date they’ve bought 51,780 BTC for $4.6 billion at an average price of $88,627 per Bitcoin.
This has solidified MicroStrategy’s position as a key institutional Bitcoin advocate. The bullish sentiment around the company is reflected in their stock. On November 20th, MSTR closed at $473.83, up 10% from the day before, despite the leadership changes.
Market Response and Future Outlook
Saylor’s loss of control raises questions about the company’s future governance but MSTR’s Bitcoin is still hot. CryptoQuant CEO Ki Young Ju said market is getting more hype around MSTR due to their large crypto position but analysts are still concerned how this will impact their long term Bitcoin strategy.
Key Takeaways:
- Governance Shift: Michael Saylor has lost voting control, ending MicroStrategy’s “controlled company” status under Nasdaq rules.
- BTC Investments Continue: MicroStrategy holds 51,780 BTC worth $4.6 billion, fueling bullish sentiment in crypto and equity markets.
- Stock Gains: MSTR stock surged nearly 10%, closing at $473.83, amid continued Bitcoin accumulation plans.
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