- As of March 31, 2023, MSTR disclosed that it has 140K Bitcoins.
- MSTR’s Bitcoin holdings were worth around $3.986 billion at the time.
On Monday, MicroStrategy Inc (NASDAQ: MSTR) wrote to the Financial Accounting Standards Board (FASB) in response to the FASB’s proposed accounting rules for crypto assets. In response, MSTR backed the regulators’ push for fair value accounting for Bitcoin and other cryptocurrencies.
MicroStrategy claims to have more Bitcoin than any other publicly traded firm. As of March 31, 2023, MSTR disclosed that it has 140K Bitcoins (about $3.78B as of May 22, 2023) in its possession.
Better Data for Investors
MSTR’s Bitcoin holdings were worth around $3.986 billion at the time. Its BTC holdings on the consolidated balance sheet are now worth twice as much. In their defense of the FASB’s proposed air value model, MicroStrategy said that it would allow them to provide investors with better data.
Over the last week, the price of Bitcoin has been under intense selling pressure. At the time of publication, the price of Bitcoin was $26,853, as per data from CMC. The total amount of money traded in a day has increased by 2.7% to $11.3 billion.
Despite the growing variety of crypto assets on the market, MSTR acknowledged in their answer FASB’s intention to keep the scope criteria tight initially. It thinks, however, that non-fungible tokens, wrapped tokens, and other factors add a layer of complexity.
However, rising prices and a lack of available jobs might force the US Federal Reserve to maintain its current pace of interest increases. Last week’s address by Fed Chair Jerome Powell offered no clear guidance.
