MicroStrategy, the public company with the largest number of Bitcoins owned, has announced a 10-for-1 stock split in order to make its shares more accessible to investors and employees, Reuters has reported.
The company's shares have risen significantly since it began buying Bitcoin back in 2020, outperforming the cryptocurrency's own earnings over the same time period.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
The company's chairman and co-founder, Michael Saylor, made the decision to invest in Bitcoin as a way to hedge against inflation and have an alternative to holding cash.
Currently, MicroStrategy owns 226,331 Bitcoins, valued at around $13.3 billion.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
According to a company statement, the average price MicroStrategy has paid for each Bitcoin is $37,000.
The split of MicroStrategy's Class A and Class B common stock will be distributed to holders of record on August 1, and is expected to be completed on August 7.