Nasdaq-listed software company MicroStrategy (MSTR), the largest holder of Bitcoin, announced a 10:1 stock split on Thursday.

The split will be effective on August 1 and shares will be distributed after the market close on August 7. Holders of Class A and Class B common stock will receive nine shares additional for each share they own.

The announcement comes after MicroStrategy's stock price tripled over the past year, hitting an all-time record of more than $1,900 in March as BTC surged past $70,000. Shares rose 6.8% to $1,300 today.

MicroStrategy, led by executive chairman and widely followed Bitcoin advocate Michael Saylor, is often seen as a leverage play on the Bitcoin price. The company regularly issues corporate debt to raise capital to buy more BTC for its treasury. After its latest purchase last month, the company already holds 226,331 BTC worth more than $13 billion

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