MicroStrategy, a Bitcoin software developer and enterprise analytics software provider, announced Thursday that it will conduct a 10-for-1 stock split of its class A and class B common stock.

The move is designed to make the ballooning stock “more accessible to investors and employees,” the firm said in a press release. MicroStrategy’s stock (MSTR) has more than tripled in price over the last year, and currently sits at a price of $1,406—up nearly 8% today amid the news.

Shareholders of record as of August 1 will receive nine additional shares for each share they currently hold,” the company announced. The distribution is expected to occur after market close on August 7, with split-adjusted trading commencing on August 8.

"The stock dividend will not have any impact on the voting and other rights of stockholders," the company stated in its announcement.

MicroStrategy is the single largest corporate holder of Bitcoin, with 226,331 BTC held in its corporate treasury. That’s more than $13.2 billion worth at the current price of about $58,590, as of this writing. Michael Saylor, the firm’s co-founder and executive chairman, is an outspoken Bitcoin bull.

Editor’s note: This article was written with the assistance of AI. Edited and fact-checked by Andrew Hayward.