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SEC rejects MicroStrategy’s Bitcoin accounting practices: report -Breaking

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© Reuters.

Business intelligence firm MicroStrategy reportedly acted contrary to the Securities and Exchange Commission’s accounting practices for its crypto purchases.

A Bloomberg report says that a SEC comment letter was released on Thursday. ShownThe regulatory body opposed MicroStrategy’s reporting of information about its (BTC() Purchases based on non GAAP or Generally Accepted accounting Principles A business intelligence firm was established. Reporting it used these methods of calculating figures for its BTC buys excluding the “impact of share-based compensation expense and impairment losses and gains on sale from intangible assets” — essentially, negating some of the effects of the volatility of the crypto market.