Shares rise more than 8 percent after 91-for-1 split
Sometimes all it takes is the illusion that you’re getting more for less to drive the price of a stock higher.
That was the case today with the shares of the Bitcoin Investment Trust: its shares surged more than 8 percent after the fund’s 91-for-1 stock split took effect. More than 700,000 shares had been traded to boost the price to as high as $19.60 in New York.
Volume had slowed to less than 50,000 trades a day last week ahead of the split. The week prior, an average of 113,000 shares were traded daily. Bitcoin rose 3.2 percent as of 9:57 a.m. in New York.
