MicroStrategy, which owns more bitcoin than any other corporation in the world, disclosed it purchased approximately 660 bitcoins for about $25 million in cash between December 30 and January 31
a letter to MicroStrategy in December saying it objected to the treatment and asking the firm to remove the adjustment in future filings. MicroStrategy, which has previously said“ it believes the inclusion of such losses may"distract" investors, said it would comply in a response two weeks later.MicroStrategy is set to report fourth-quarter earnings after the market closes Tuesday.
” Tesla and billionaire Jack Dorsey-led Square have also reported accounting losses related to their bitcoin holdings.Thanks to its growing bitcoin investment—rivaled only by Tesla's 42,000 coins—MicroStrategy has minted a stunning turnaround since the dot-com bubble tanked its stock price roughly two decades ago. Shares have skyrocketed nearly 200% since the company firstbuying bitcoin.