Breaking: 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.
- Breaking: U.S. PCE Inflation Rises To 2.7% YoY, Bitcoin Bounces
- Breaking: $10 Trillion Vanguard Plans to Offer Crypto ETFs to Brokerage Clients
- BlackRock Loads Up on Bitcoin, Files For Premium ETF to Increase BTC Yield
- Best 10 Crypto Cards for 2025
- Expert Projects HYPE Token Upside as Bitwise Files for Hyperliquid ETF With SEC
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Is Ethereum Price Set for a rebound as Whale accumulation Intensifies?
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
- Bitcoin Price: Analyst Predicts Crash to $104K Before Explosive Rally on Fed Cut Pattern
- HBAR Price Elliot Wave Signals an 86% Rebound as Key Risks Remain
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.
