Economist and Bitcoin (CRYPTO: BTC) critic Peter Schiff expressed doubts about MicroStrategy Inc.’s (NASDAQ:MSTR) decision to split its stock amidst a bear market, labeling the move as an act of desperation
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Like other companies, MicroStrategy took the decision with the intention of making its shares more accessible to investors and employees, potentially broadening its shareholder base.
For the curious, a stock split increases the number of shares by reducing the value of the stock while keeping the firm’s market cap unchanged.
MicroStrategy, which calls itself the world’s first Bitcoin development company, is an industry leader in incorporating the digital asset into its corporate reserve strategy. As of this writing, the software company holds a little over 1% of Bitcoin’s total circulating supply, worth $12.9 billion, according to bitcointreasuries.net.
Price Action: At the time of writing, Bitcoin was exchanging hands at $57,277.50, down 0.98% in the last 24 hours, according to data from Benzinga Pro.
Shares of MicroStrategy closed 4.05% higher at $1.358.56 during Thursday’s regular session. The stock has slumped 20% over the last month, likely due to Bitcoin’s correction.
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