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Bitcoin News: MicroStrategy Inc (NASDAQ: MSTR) on Monday submitted a letter responding to the Financial Accounting Standards Board (FASB)’s proposed accounting requirements for crypto property. MSTR in response supported the authority’s quest to again truthful worth accounting for Bitcoin and different cryptos.
Also Read: U.S. Debt Ceiling Talks Set To Resume; Will Crypto Market Rally?
MicroStrategy To Increase Its Crypto Holding?
As per MicroStrategy, it’s the largest public firm holder of Bitcoin. MSTR revealed that as of March 31, 2023, it’s holding 140K Bitcoins (approx price $3.78 billion on 22 May 2023). It talked about that the corporate purchased these BTC at an authentic price foundation of $4.17 billion.
The market worth of MSTR’s Bitcoin holdings stood at round $3.986 billion. This is twice the quantity it carried in its BTC on the consolidated stability sheet. MicroStrategy supporting the FASB proposed air worth mannequin talked about that it might allow them to supply buyers with extra related info.
Bitcoin price is coping with elevated promoting strain over the previous 7 days. BTC is buying and selling at a median of $27,036, on the press time. Its 24 hour buying and selling quantity is up by 27% to face at $10.4 billion.
Also Read: SEC Staff Emails Reveal XRP Failed Howey Test
In the response, MSTR gave a nod to FASB’s intent to make the scope standards slim initially despite increasing vary of crypto property out there. However, it believes that there are numerous complexities linked to non-fungible or wrapped tokens and extra.
The introduced content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.
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