Claim $500Breaking: MicroStrategy Replies To FASB Standards To Update Bitcoin Holdings
Bitcoin News: MicroStrategy Inc (NASDAQ: MSTR) on Monday submitted a letter responding to the Financial Accounting Standards Board (FASB)’s proposed accounting standards for crypto assets. MSTR in response supported the authority’s quest to back fair value accounting for Bitcoin and other cryptos.
Also Read: U.S. Debt Ceiling Talks Set To Resume; Will Crypto Market Rally?
MicroStrategy To Increase Its Crypto Holding?
As per MicroStrategy, it is the largest public company holder of Bitcoin. MSTR revealed that as of March 31, 2023, it is holding 140K Bitcoins (approx worth $3.78 billion on 22 May 2023). It mentioned that the company bought these BTC at an original cost basis of $4.17 billion.
The market value of MSTR’s Bitcoin holdings stood at around $3.986 billion. This is twice the amount it carried in its BTC on the consolidated balance sheet. MicroStrategy supporting the FASB proposed air value model mentioned that it would enable them to provide investors with more relevant information.
Bitcoin price is dealing with increased selling pressure over the past 7 days. BTC is trading at an average of $27,036, at the press time. Its 24 hour trading volume is up by 27% to stand at $10.4 billion.
Also Read: SEC Staff Emails Reveal XRP Failed Howey Test
In the response, MSTR gave a nod to FASB’s intent to make the scope criteria narrow initially in spite of expanding range of crypto assets in the market. However, it believes that there are various complexities linked to non-fungible or wrapped tokens and more.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
