MicroStrategy under the crosshairs of SEC over Bitcoin accounting practices
MicroStrategy, the firm led by Michael Saylor, a Bitcoin bull who has always supported Bitcoin (BTC), has come under the crosshairs of the SEC, the authority responsible for regulating securities in the United States for its Bitcoin accounting practices. The report from Bloomberg comes out at a time when MSTR shares fell by nearly 18%, at $375.89.
MicroStrategy used non-GAAP measures
MicroStrategy has used non-GAAP or Generally Accepted Accounting Principles "measures in its Form 10-Q for the quarter that ended Sept. 30, 2021, to show investors what its income would have been if it didn't have to impair the volatile cryptocurrency," said the report.As mentioned by the business intelligence firm in its report, the firm used "non-GAAP income from operations that excludes the impact of share-based compensation expense and impairment losses and gains on sale from intangible assets, which include its digital assets."
As per MicroStrategy, the usage of non-GAAP measures "exclude the impact of share-based compensation expense, impairment losses, and gains on sale from intangible assets which include its digital assets, interest expense arising from the amortization of debt issuance costs related to MicroStrategy's long-term debt, and related income tax effects."
Bitcoin holdings
MicroStrategy, under the leadership of Michael Saylor, has been buying Bitcoin for a long time. As per a recent report, the firm has bought more than 122K Bitcoins, all during the recent dips. The holdings of the firm are nearing a net loss after the recent dip wherein the crypto market was wiped off $1 trillion dollars.Bitcoin prices broke below $40K this week, and it seems that the world's biggest cryptocurrency is in quite a lot of danger. Altcoins have also been bleeding this week, with Ethereum nearing the $2K price level.
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