Bitcoin
Bitcoin Buyer MicroStrategy to Perform 10-for-1 Stock Split
(Bloomberg) — MicroStrategy Inc., the largest publicly traded corporate holder of Bitcoin, said it will conduct a 10-for-1 stock split to make the shares more accessible to investors and employees.
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Shares have surged about 1,000% since the enterprise software company began buying Bitcoin in 2020, outpacing gains in the cryptocurrency, which has surged more than 500% in the same period. Shares were up 7.7% at $1,406 as of 10 a.m. in New York.
Michael Saylor, the chairman and co-founder of MicroStrategy, has embarked on buying Bitcoin as a hedge against inflation and as an alternative to holding cash. The company has accumulated 226,331 Bitcoins, worth about $13.3 billion.
The average price MicroStrategy spent on each Bitcoin is roughly $37,000, according to a company filing. Bitcoin rose about 1.9% to $58,468 on Thursday.
The split of Class A and Class B common stock will be for holders of record as of Aug. 1. The new shares are expected to be distributed on Aug. 7. MicroStrategy last split its shares in 2002.
(Updates stock price in second paragraph.)
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