Bitcoin News: MicroStrategy Inc (NASDAQ: MSTR) on Monday submitted a letter responding to the Financial Accounting Standards Board (FASB)’s proposed accounting standards for crypto assets. MSTR in response supported the authority’s quest to back fair value accounting for Bitcoin and other cryptos.
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As per MicroStrategy, it is the largest public company holder of Bitcoin. MSTR revealed that as of March 31, 2023, it is holding 140K Bitcoins (approx worth $3.78 billion on 22 May 2023). It mentioned that the company bought these BTC at an original cost basis of $4.17 billion.
The market value of MSTR’s Bitcoin holdings stood at around $3.986 billion. This is twice the amount it carried in its BTC on the consolidated balance sheet.
MicroStrategy supporting the FASB proposed air value model mentioned that it would enable them to provide investors with more relevant information.
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