MicroStrategy stock jumps around 10% following earnings revelation

Quick Take

  • MicroStrategy stock was trading around $307 on Wednesday mid-morning, up more than 10% from the previous close.
  • The move comes after the software company announced CEO Michael Saylor would be stepping down. 
  • MicroStrategy missed earnings on Tuesday.

MicroStrategy stock was trading up more than 10% as markets opened on Wednesday, following the news announced last night that Michael Saylor will step down as CEO.

Shares in the software company – which is somewhat better known for its audacious bet on bitcoin – were trading at $307.65 at the time of writing, after closing at $284.72 on Tuesday prior to earnings.

Falling revenues were only a small part of the story as the firm shared its second-quarter earnings on Tuesday. The main event being Saylor's planned resignation.  

Following the announcement during the customary earnings call, Saylor doubled down on his commitment to bitcoin, as did the firm's incoming new guard

MicroStrategy holds more than 129,699 BTC, having recently purchased an additional 480 bitcoin worth around $10 million at an average price of $20,817.

Trading in bitcoin was relatively stable at the time of writing on Wednesday, with prices unchanged over the past hour at $23,346, according to CoinGecko – and a gain of 2% in the past 24 hours. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.