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

Phong Le, the company's president, will become CEO while keeping his current duties, MicroStrategy said in a press release. As executive chairman and chair of the board of directors, Saylor will focus on long-term corporate strategy and the company's bitcoin acquisitions, the company said.