MicroStrategy: Bitcoin’s largest corporate holder plans stock split
The enterprise analytics software supplier and Bitcoin software developer stated it will split its class A and class B common stock 10 for 1
MicroStrategy, the enterprise analytics software supplier and Bitcoin software developer stated it will split its class A and class B common stock 10 for 1. According to a press release from the company, the purpose of the move is to “make the ballooning stock more accessible to investors and employees.” In response to the news, MicroStrategy’s stock (MSTR), which has more than tripled in value over the past year, at $1,406, is up about 8%.
According to an announcement made by the corporation, shareholders of record as of August 1 will get nine more shares for each share they now own. Split-adjusted trading is anticipated to start on August 8 and the distribution after market close on August 7.
The business said in its release that “the stock dividend will not have any impact on the voting and other rights of stockholders.”
The T-Rex Group filed for many MicroStrategy ETFs on Thursday, which could mean some spicy TradFi products for investors looking for leveraged exposure to the price of Bitcoin.
MicroStrategy is the largest corporate Bitcoin holder with 226,331 BTC stored in its corporate treasury, As of this writing, at the current price of roughly $56.8K, it is about $13 billion. Co-founder and executive chairman Michael Saylor is a vocal supporter of Bitcoin.
Bitcoin saw a spike to a high of $59,485 on July 10 before collapsing to $56.6K on July 12. According to Coinmarketcap data, Bitcoin dropped 23% from its all-time high of March 14 after briefly rising to $59,529 on July 11 but failing to sustain that level.
About $8.5 billion worth of Bitcoin may have been released onto the market because of the statement that Mt. Gox has started paying its creditors back since July 5. This announcement has been linked to a recent unfavorable attitude.
Furthermore, a significant portion of the recent decline in Bitcoin’s price has been attributed to big sales by the German government, which in recent days transferred 16,254 BTC, or $935 million at current rates, to market makers and exchanges, according to Arkham intelligence data.
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