MicroStrategy, one of the pro-Bitcoin companies, has made a statement about the FASB’s crypto accounting rules.
MicroStrategy said in a statement that it supports a proposal from the Financial Accounting Services Board that would allow firms to use fair value accounting for cryptocurrencies held on their balance sheets.
MicroStrategy Announces Supporting FASB’s Crypto Accounting Rules
Publicly traded software company MicroStrategy, known for its bitcoin purchases, said in a statement that it supports a proposal by the Financial Accounting Services Board that would allow firms to use fair value accounting for crypto held on their balance sheets.
“We appreciate the rigorous process the FASB has undertaken,” the company said in a letter. Additionally, he stated that it is Bitcoin’s largest publicly traded company, with 140,000 BTC worth just under $4 billion at current market prices.
The letter also included the following statements:
“As recommended by the FASB, reporting crypto-asset holdings under a fair value model will allow us to provide investors with a more relevant view of our finances and the economic value of our Bitcoin holdings, which will facilitate the ability of investors.”
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