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Cryptocurrency News Articles
MicroStrategy Announces 10-for-1 Stock Split, Declares Itself a Bitcoin Development Company
Jul 11, 2024 at 11:34 pm
Nasdaq-listed business intelligence firm MicroStrategy's board of directors has announced a 10-for-1 stock split of the company's Class A and B common stock.
Nasdaq-listed business intelligence firm MicroStrategy’s ( MSTR ) board of directors has announced a 10-for-1 stock split of the company’s Class A and B common stock.
On July 11, MicroStrategy said the stock split aims to enhance accessibility for its investors and employees. The stock split will be executed as a stock dividend, granting stockholders of class A and B stocks nine additional shares per share owned.
The shares are set to be distributed after trading closes on Aug. 7, 2024. Meanwhile, trading on the split-adjusted stock will commence on Aug. 8, 2024.
Despite the split, the voting rights of stockholders will not be affected.
A Bitcoin development company
Within the announcement, the publicly traded firm also said it considers itself a Bitcoin ( BTC ) development company. The company said it’s dedicated to developing the Bitcoin network through its activities within the financial markets.
BTC
$57,275
The firm highlighted that it had accumulated BTC as its primary treasury reserve asset. The approach underscores the company’s commitment to integrating Bitcoin into its strategy. It wrote:
The company has also dived into artificial intelligence software analytics solutions besides its Bitcoin initiatives.
MicroStrategy’s Bitcoin buying spree
The new development comes as the company revealed plans to buy more Bitcoin. On June 13, MicroStrategy unveiled its plans to conduct a $500 million stock sale to purchase more BTC. The firm also announced that it intended to offer convertible senior notes due in 2032.
A day after the announcement, the company announced that it had increased the volume of its stock sale to $700 million. On June 14, MicroStrategy said the notes would be sold to qualified investors. A portion of the proceeds is allocated to adding more Bitcoin to its treasury.
Ultimately, the sale reached nearly $800 million, with $786 million used to purchase 11,931 BTC. With its latest Bitcoin purchase, MicroStrategy now holds 226,331 BTC, valued at around $13.2 billion.
Magazine: Earn Bitcoin for eating tickets, Immutable says ‘big studios are showing up’ — Web3 Gamer
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