{"id":212942,"date":"2022-01-25T14:00:58","date_gmt":"2022-01-25T14:00:58","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=212942"},"modified":"2022-01-25T12:38:32","modified_gmt":"2022-01-25T12:38:32","slug":"microstrategy-stock-slides-as-the-sec-rejected-its-bitcoin-accounting-strategy","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/microstrategy-stock-slides-as-the-sec-rejected-its-bitcoin-accounting-strategy\/","title":{"rendered":"MicroStrategy stock slides as the SEC rejected its Bitcoin accounting strategy"},"content":{"rendered":"<p>Amid the crypto market meltdown, <a href=\"https:\/\/cryptoslate.com\/companies\/microstrategy\/\">MicroStrategy<\/a> stock slid as much as 15% before equity markets rebounded late Monday\u2013following the US Securities and Exchange Commission (SEC) objecting to the company\u2019s <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> accounting strategy.<\/p>\n<p>The newly released filings show that the SEC rejected how <a href=\"https:\/\/cryptoslate.com\/people\/michael-saylor\/\">Michael Saylor<\/a>\u2019s software company accounts for its crypto holdings.<\/p>\n<h2>Unfavorable accounting ruling by the SEC<\/h2>\n<p>MicroStrategy stock extended its two-day decline to almost 30% on Monday, in the wake of a December filing <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/0001050446\/000000000021014605\/filename1.pdf\">released<\/a> last Thursday.<\/p>\n<p>According to the filing, the financial regulator rejected the accounting method the company uses for Bitcoin in its earnings reports.<\/p>\n<p>\u201cWe note your response to prior comment 5 and we object to your adjustment for Bitcoin impairment charges in your non-GAAP measures,\u201d the filing said, instructing the company \u201cto remove this adjustment in future filings.\u201d<\/p>\n<p>The company started acquiring Bitcoin as part of a capital allocation strategy back in 2020, and has continued stacking up ever since\u2013essentially turning MicroStrategy\u2019s shares into a proxy for the crypto.<\/p>\n<p>The SEC\u2019s objection essentially prevents the company from stripping out the volatile swings in Bitcoin price from its unofficial non-GAAP accounting reports.<\/p>\n<p>According to MicroStrategy\u2019s October <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/0001050446\/000119312521305105\/filename1.htm\">filing<\/a>, it has been reporting non-GAAP income from operations and non-GAAP net income that \u201cexclude Bitcoin impairment losses to better enable a comparison\u201d of the company\u2019s performance across reporting periods.<\/p>\n<h2>MicroStrategy\u2019s Bitcoin<\/h2>\n<p>As of the end of 2021, the company held 124,391 Bitcoin, purchased for roughly $3.75 billion at an average price of about $30.159, MicroStrategy CEO, Michael Saylor, revealed on Twitter at the end of December.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">MicroStrategy has purchased an additional 1,914 bitcoins for ~$94.2 million in cash at an average price of ~$49,229 per <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&ref_src=twsrc%5Etfw\">#bitcoin<\/a>. As of 12\/29\/21 we <a href=\"https:\/\/twitter.com\/hashtag\/hodl?src=hash&ref_src=twsrc%5Etfw\">#hodl<\/a> ~124,391 bitcoins acquired for ~$3.75 billion at an average price of ~$30,159 per bitcoin. <a href=\"https:\/\/twitter.com\/search?q=%24MSTR&src=ctag&ref_src=twsrc%5Etfw\">$MSTR<\/a><a href=\"https:\/\/t.co\/tNxDwaT8VD\">https:\/\/t.co\/tNxDwaT8VD<\/a><\/p>\n<p>&mdash; Michael Saylor\u26a1\ufe0f (@saylor) <a href=\"https:\/\/twitter.com\/saylor\/status\/1476539985562152960?ref_src=twsrc%5Etfw\">December 30, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Saylor, who, like many crypto investors on Twitter turned to memes and humor for easing the drama of the market downturn, recently changed his profile picture\u2013joking about his next career if his Bitcoin holdings tank.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">May apply for night shift at <a href=\"https:\/\/twitter.com\/TheRealTahinis?ref_src=twsrc%5Etfw\">@TheRealTahinis<\/a> to stack more sats. <a href=\"https:\/\/twitter.com\/hashtag\/NewProfilePic?src=hash&ref_src=twsrc%5Etfw\">#NewProfilePic<\/a> <a href=\"https:\/\/t.co\/ZrirLojvrq\">pic.twitter.com\/ZrirLojvrq<\/a><\/p>\n<p>&mdash; Michael Saylor\u26a1\ufe0f (@saylor) <a href=\"https:\/\/twitter.com\/saylor\/status\/1485281031670403072?ref_src=twsrc%5Etfw\">January 23, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On a side note, Tahinis <a href=\"https:\/\/markets.businessinsider.com\/news\/currencies\/bitcoin-investing-restaurant-chain-profits-tahinis-microstrategy-btc-cryptocurrency-2021-11\">prides<\/a> itself of being the world's first restaurant chain to invest 100% of its cash reserves into Bitcoin.<\/p>\n<p>Saylor <a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2022-01-20\/studio-1-0-microstrategy-chairman-ceo-michael-saylor-video\">told<\/a> <i>Bloomberg<\/i> last week that the company will never sell its Bitcoin.<\/p>\n<p>&#8220;Never. No. We're not sellers. We're only acquiring and holding bitcoin. That's our strategy,&#8221; Saylor said, adding that he is not worried about the price decline from $69,000 in November to less than $40,000 this month.<\/p>\n<p>&#8220;So, I don't really think we could do anything better to position our company in an inflationary environment than to convert our balance sheet into Bitcoin,&#8221; said Saylor, arguing that crypto is still the best defense against inflation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amid the crypto market meltdown, MicroStrategy stock slid as much as 15% before equity markets rebounded late Monday\u2013following the US Securities and Exchange Commission (SEC) objecting to the company\u2019s Bitcoin accounting strategy. The newly released filings show that the SEC rejected how Michael Saylor\u2019s software company accounts for its crypto holdings. Unfavorable accounting ruling by [&hellip;]<\/p>\n","protected":false},"author":699,"featured_media":212950,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[60786],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MicroStrategy stock slides as the SEC rejected its Bitcoin accounting strategy<\/title>\n<meta name=\"description\" content=\"The newly released filings show that the SEC rejected how Michael Saylor\u2019s software company accounts for its Bitcoin holdings.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/microstrategy-stock-slides-as-the-sec-rejected-its-bitcoin-accounting-strategy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MicroStrategy stock slides as the SEC rejected its Bitcoin accounting strategy\" \/>\n<meta property=\"og:description\" content=\"The newly released filings show that the SEC rejected how Michael Saylor\u2019s software company accounts for its Bitcoin holdings.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/microstrategy-stock-slides-as-the-sec-rejected-its-bitcoin-accounting-strategy\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-25T14:00:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-25T12:38:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/01\/microstrategy-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ana Grabundzija\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ana Grabundzija\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/microstrategy-stock-slides-as-the-sec-rejected-its-bitcoin-accounting-strategy\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/microstrategy-stock-slides-as-the-sec-rejected-its-bitcoin-accounting-strategy\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/#person\",\"name\":\"Ana Grabundzija\",\"url\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/cs-author-ana-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/cs-author-ana-300x300.jpg\",\"caption\":\"Ana Grabundzija\"},\"jobTitle\":\"Journalist\",\"description\":\"Dr. Ana Grabundzija is a Zagreb-bred writer with an academic background in anthropology. 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In her Ph.D., she focused on the diffusion and adoption of new technologies. Her research on the spread of technological innovation in ancient societies led to a modern-day fascination with crypto and it\u2019s real-time evolution. She is currently based in Berlin immersed in the vibrant scenes of both Crypto and Techno.","url":"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/212942"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/699"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=212942"}],"version-history":[{"count":3,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/212942\/revisions"}],"predecessor-version":[{"id":212951,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/212942\/revisions\/212951"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/212950"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=212942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=212942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=212942"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=212942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}