MicroStrategy's bitcoin accounting method is rejected by the SEC, the stock price plummets nearly 18%

time:2022-01-22 05:00 source:Internet

On January 22nd, MicroStrategy’s stock price plummeted nearly 18% on Friday (21st), in addition to the sharp fall in the price of Bitcoin, another negative is that the company’s Bitcoin accounting strategy was rejected by the U.S. Securities and Exchange Commission (SEC). MicroStrategy said in 2020 that buying and holding Bitcoin is one of its key business strategies, and used Non-GAAP to calculate its revenue in its quarterly report (10-Q) ended Sept. 30, That is, Bitcoin volatility losses are not included. The measure, however, was rejected by the SEC, which dismissed MicroStrategy’s non-GAAP write-down of bitcoin fees in a filing on Thursday and asked that the adjustment be removed in future filings, which MicroStrategy has said it will follow.

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