Cryptocurrency Prices today, Charts And Market Capitalizations |Ty gia Coin logo Cryptocurrency Prices today, Charts And Market Capitalizations |Ty gia Coin logo
Seeking Alpha 2022-01-21 21:10:04

MicroStrategy stock makes new 52-week lows as SEC rejects non-GAAP bitcoin accounting: Bloomberg

Shares of bitcoin (BTC-USD) "hodlr" MicroStrategy (NASDAQ:MSTR) dips more than 15% intra-day as the Securities Exchange Commission rejects the company's unofficial accounting measures, Bloomberg reports. Of course, bitcoin (BTC-USD -7.2%), which is seen as a proxy for MSTR stock, is falling well below its $40K key level to five-month lows. Specifically, the SEC objects MicroStrategy (MSTR) from using non-GAAP principles to show what its income would have been if it didn't have an impairment charge, Bloomberg notes. Note that bitcoin (BTC-USD) is classified as an intangible asset under GAAP principles, meaning companies that don't qualify as investment firms record digital assets at historical cost and only adjust it if its value declines, Bloomberg cites the SEC's letters. Once impaired, companies cannot revise the value back up if the price recovers. This is a problem when taking into account other volatile cryptos like ethereum (ETH-USD), cardano (ADA-USD), solana (SOL-USD), dogecoin (DOGE-USD) and shiba

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.