Software firm turned Bitcoin (BTC) owner MicroStrategy (MSTR) has announced a 10-for-1 stock split.
The company, which is the largest corporate holder of Bitcoin in the world, said the shares will begin trading on a split adjusted basis on August 8 of this year.
While technically a provider of enterprise software, MicroStrategy has switched its focus in recent years and adopted an aggressive Bitcoin-buying strategy.
Michael Saylor, the company’s executive chairman, has said that MicroStrategy is now primarily focused on Bitcoin development.
At the end of June this year, MicroStrategy owned 226,331 Bitcoin worth $13.3 billion U.S. based on the current price of the largest cryptocurrency.
The stock split comes as MicroStrategy’s stock has risen 217% over the last 12 months to trade at $1,305.72 U.S. per share.
The stock split will lower MicroStrategy’s share price to about $130 U.S. a share based on the current price.
Analysts at Bernstein said in a recent report that MicroStrategy is “building the world’s largest Bitcoin company” and that the stock has a further 80% upside.
MicroStrategy’s stock rose 7% in premarket trading on news of the stock split.
Several other companies have split their stocks in recent months, including Nvidia (NVDA) and Chipotle Mexican Grill (CMG).
