Bloomberg: Bitcoin Rises on MicroStrategy Stock Expansion Plan

BlockBeats News, December 26th, according to Bloomberg, on Thursday, the price of Bitcoin rose as the digital asset "hoarder" MicroStrategy announced plans to split its stock to issue more shares, enabling it to purchase more Bitcoin.

"MicroStrategy announced it will issue more shares next year to buy more Bitcoin, which has driven up the price," said Sean McNulty, Trading Lead at liquidity provider Arbelos Markets. "The market is excited about MicroStrategy's Bitcoin purchases, which is one of the biggest reasons driving the market higher. Following MicroStrategy's news has become a key part of my daily work."

According to a filing submitted to the U.S. Securities and Exchange Commission (SEC) on December 23rd, MicroStrategy is seeking approval to increase the authorized amount of its Class A common stock and preferred stock. This move will provide the company with greater financial support as it has transitioned from a software manufacturer to a Bitcoin accumulator.