MicroStrategy, a publicly traded software company known for its investment in bitcoin, has expressed support for a proposal from the Financial Accounting Services Board that would allow firms to use fair-value accounting for cryptocurrency held on their balance sheets. Currently, the company has to use the original purchase price and record cumulative impairment charges, resulting in its bitcoin holdings being valued at only $2 billion on its balance sheet, half its fair market value. MicroStrategy believes that reporting crypto asset holdings under a fair value model would provide investors with a more relevant view of its financial position and the economic value of its bitcoin holdings. The FASB is currently accepting feedback on the proposal until June 6.
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MicroStrategy Supports Proposal for Fair-Value Accounting of Crypto on Balance Sheets
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