
SEC rejects Microstrategy BTC accounting strategy
The U.S. Securities and Exchange Commission, headed by Gary Gensler, has objected to MicroStrategy’s adjustment for Bitcoin impairment charges using non-GAAP measures.
The U.S. Securities and Exchange Commission, headed by Gary Gensler, has objected to MicroStrategy’s adjustment for Bitcoin impairment charges using non-GAAP measures.
MicroStrategy executives have sold off nearly US$175 million in company stock over the past year, cashing in on a bull run in both company share and BTC prices.
Online reviews, social media posts, and Twitter bios echo similar sentiments: the book is apparently revelatory and life-changing, putting people on The Bitcoin Standard pathway, initiating them into the HODL culture of BTC maximalism.
It looks like Michael Saylor, the chairman, president and CEO of MicroStrategy, does not quite understand how Bitcoin works.
Michael Saylor and MicroStrategy have taken up a lot of space in the news thanks to their aggressive accumulation of BTC, but as is often the case with digital asset hype, the red flags are too many to ignore.