--- title: "Microstrategy & the SEC: GAAP accounting challenges for corporates with crypto" description: In light of Microstragy's accounting considerations with the SEC, we dive into the intricacies of GAAP accounting and explain why it is a challenge for corporates holding crypto. image: https://blog.cryptio.co/hubfs/1-1.png --- [![Cryptio logo](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/logo-black.svg "Cryptio logo")](https://cryptio.co/) - Solutions ![accounting-firms-green-bordered.b2040145-3](https://blog.cryptio.co/hubfs/accounting-firms-green-bordered.b2040145-3.svg) ##### [Accounting and Tax](https://cryptio.co/solutions/accounting-tax) [Automate GAAP & IFRS compliant reporting](https://cryptio.co/solutions/accounting-tax) ![internal-controls-green-bordered.eaefa46d-1](https://blog.cryptio.co/hubfs/internal-controls-green-bordered.eaefa46d-1.svg) ##### [Internal controls](https://cryptio.co/solutions/internal-controls) [Ensure completeness and accuracy of crypto data to an auditable standard](https://cryptio.co/solutions/internal-controls) ![Nav bar icons_Blockchain Foundations](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Blockchain%20Foundations.svg) ##### [Reconciliation](https://cryptio.co/solutions/reconciliation) [Reconcile crypto balances and transactions with internal systems](https://cryptio.co/solutions/reconciliation) [![build-vs-buy-guide.64b11d10-1](https://blog.cryptio.co/hubfs/build-vs-buy-guide.64b11d10-1.svg)](https://landing.cryptio.co/build_vs_buy) ##### [Build your back-office](https://landing.cryptio.co/build_vs_buy) Learn why leading enterprises choose to buy rather than build their own back-office solutions [Download guide](https://landing.cryptio.co/build_vs_buy) - 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**![Nav bar icons_Storage Provider](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Storage%20Provider.svg)** ###### Storage Providers Automated accounting for storage provision revenue and expenses - **![Nav bar icons_Miners](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Miners.svg)** ###### Miners GAAP and IFRS-grade financial reporting including impairments - **![Nav bar icons_Exchanges](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Exchanges.svg)** ###### Exchange Traded Crypto Auditable accounting and NAV reporting for on-chain activities - **![Nav bar icons_NFT_marketplaces](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_NFT_marketplaces.svg)** ###### NFT Marketplaces Transform on-chain NFT activities into auditable financial statements - **![Nav bar icons_NFT_Enterprises](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_NFT_Enterprises.svg)** ###### Enterprise NFTs Auditable revenue reporting for branded NFT activities inc. royalties - **![Nav bar icons_Videogame](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Videogame.svg)** ###### Gaming Transform on-chain activities into auditable financial statements - **![public-sectors-green-bordered.b77716e2](https://blog.cryptio.co/hubfs/public-sectors-green-bordered.b77716e2.svg)** ###### Public Sectors Verify financial statements and tax filing accuracy for digital asset - **![Nav bar icons_Blockchain Foundations](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Blockchain%20Foundations.svg)** ###### Blockchain Foundations Help your ecosystem meet its accounting and reporting requirements - **![accounting-firms-green-bordered.b2040145-2](https://blog.cryptio.co/hubfs/accounting-firms-green-bordered.b2040145-2.svg)** ###### Accounting Firms Join 50+ world-class accounting, audit, tax, and advisory firms - [Partners](https://cryptio.co/partners) - Learn ##### [Blog](https://blog.cryptio.co/) [Company news, product updates, guides, and industry insights](https://blog.cryptio.co/) ##### [Courses](https://cryptio.co/learn) [Everything you've ever wanted to know about crypto accounting](https://cryptio.co/learn) [![stablecoin-reporting-nav.d2d366b0](https://blog.cryptio.co/hubfs/stablecoin-reporting-nav.d2d366b0.svg)](https://landing.cryptio.co/stablecoin-accounting-guide) ##### [Stablecoin Reporting](https://landing.cryptio.co/stablecoin-accounting-guide) Best practices for stablecoin accounting & reporting [Download guide](https://landing.cryptio.co/stablecoin-accounting-guide) [![fair-market-value-accounting-nav.2bb55e56](https://blog.cryptio.co/hubfs/fair-market-value-accounting-nav.2bb55e56.svg)](https://landing.cryptio.co/fmv-accounting-guide) ##### [Fair Market Value Accounting](https://landing.cryptio.co/fmv-accounting-guide) Transition to the newFASB FMV rules [Download guide](https://landing.cryptio.co/fmv-accounting-guide) [![month-end-reconciliation-nav.9eb360bc](https://blog.cryptio.co/hubfs/month-end-reconciliation-nav.9eb360bc.svg)](https://landing.cryptio.co/guides/end-of-month-reconciliation) ##### [Month-end reconciliation](https://landing.cryptio.co/guides/end-of-month-reconciliation) Best practices for your month-end processes [Download guide](https://landing.cryptio.co/guides/end-of-month-reconciliation) [![how-to-get-audit-ready-nav.a0fbb70b](https://blog.cryptio.co/hubfs/how-to-get-audit-ready-nav.a0fbb70b.svg)](https://landing.cryptio.co/guides/how-to-get-audit-ready) ##### [Get audit-ready](https://landing.cryptio.co/guides/how-to-get-audit-ready) Completeness & accuracyfor on-chain businesses. 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Use cases - **![banks-exchanges-green-bordered.349e49cf-1](https://blog.cryptio.co/hubfs/banks-exchanges-green-bordered.349e49cf-1.svg)** ###### Banks Enterprise back-office with internal controls to ensure accurate reporting - **![Nav bar icons_CeFi](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_CeFi.svg)** ###### Exchanges & Brokers Get audit-ready and reconcile on-chain activities with internal systems - **![Nav bar icons_Stablecoins](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Stablecoins.svg)** ###### Stablecoins Auditable on-chain tracking for institutional grade reporting - **![Nav bar icons_Wallet](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_Wallet.svg)** ###### Wallets Track and report on cross-chain revenue and expenses - **![Nav bar icons_DeFi](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_DeFi.svg)** ###### DeFi Enterprise Transform on-chain DeFi activity into auditable financial statements - **![Nav bar icons_On & Off Ramp](https://blog.cryptio.co/hubfs/Nav%20bar%20icons_On%20%26%20Off%20Ramp.svg)** ###### On & Off Ramps Reconcile crypto order fulfillment for auditable financial statements - 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[Download guide](https://landing.cryptio.co/guides/how-to-get-audit-ready) [![build-your-back-office-nav.7bffac50](https://blog.cryptio.co/hubfs/build-your-back-office-nav.7bffac50.svg)](https://landing.cryptio.co/guides/back-office-playbook) ##### [Build your back-office](https://landing.cryptio.co/guides/back-office-playbook) Accounting & reportingfor crypto-native businesses [Download guide](https://landing.cryptio.co/guides/back-office-playbook) - [Pricing](https://cryptio.co/pricing) - [Careers](https://cryptio.co/careers) [![Sign in](https://no-cache.hubspot.com/cta/default/20275766/989fa2da-65dc-4b42-96c1-3d9abcc57425.png)](https://cta-redirect.hubspot.com/cta/redirect/20275766/989fa2da-65dc-4b42-96c1-3d9abcc57425) [![Book a demo](https://no-cache.hubspot.com/cta/default/20275766/7f093aaf-1bd4-4545-97c6-c5ac040f256c.png)](https://cta-redirect.hubspot.com/cta/redirect/20275766/7f093aaf-1bd4-4545-97c6-c5ac040f256c) - ![LinkedIn](https://blog.cryptio.co/hubfs/LinkedIn.svg) - ![Twitter](https://blog.cryptio.co/hubfs/Twitter.svg) ![](https://blog.cryptio.co/hubfs/1-1.png) **[Tremaine Hudson](https://blog.cryptio.co/author/tremaine-hudson) |** January 25, 2022 - [Insider](https://blog.cryptio.co/tag/insider) ## Microstrategy & the SEC: GAAP accounting challenges for corporates with crypto ## Microstrategy & the SEC: GAAP accounting challenges for corporates with crypto *If you prefer listening, check out our feature in the Decrypt Daily below. Jump to the 8:00 minute mark for the section about Microstrategy and GAAP accounting standards.*   Over 7% of Bitcoin ($48 Billion) is held by corporations and institutions. [(Source: Bitcoin Treasuries)](https://t.sidekickopen08.com/s3t/c/5/f18dQhb0S7kF8cFtL6W1z8NjS59hl3kW7_k2841CX6NGW35Qwvf59hnrbW1GfCdX6Lxqhlf197v5Y04?te=W3R5hFj4cm2zwW3C9rp143RxqjW49KtVJ4hLyg5w4cg8qD48-2&si=8000000019323838&pi=acfd94c8-3cd2-4cff-a975-5af0ddbffe50). Furthermore, 60% of US institutional investors intend to increase their exposure to digital assets. This number stands at 80%, for corporations and institutions surveyed in Asia. ([Fidelity Institutional Investor Study](https://t.sidekickopen08.com/s3t/c/5/f18dQhb0S7kF8cFtL6W1z8NjS59hl3kW7_k2841CX6NGW35Qwvf59hnrbW1GfCdX6Lxqhlf197v5Y04?te=W3R5hFj4cm2zwW4mKLS-3M3B_ZW3ZWWrh3H6wfVW4fDXZm4cPTnHW4cg7sG3_rgRkW41p0CS3CbGSNW1L5MbR3vmDPVW3vdxvs3K6jmFW4rtQLD3_rg_XW3FdZ-D41YzytW2zFGft1L6zDHW1Q1GSr3P28WXW3ZrWhk4cJ31GW4cQjfT4r5rDb21W3&si=8000000019323838&pi=acfd94c8-3cd2-4cff-a975-5af0ddbffe50)) Globally, companies (public and private) are choosing to hold crypto in their corporate treasuries. Many view their Bitcoin holdings as a hedge against inflation. ### Microstrategy, the SEC, and GAAP accounting The rejection of [MicroStrategy](https://t.sidekickopen08.com/s3t/c/5/f18dQhb0S7kF8cFtL6W1z8NjS59hl3kW7_k2841CX6NGW35Qwvf59hnrbW1GfCdX6Lxqhlf197v5Y04?te=W3R5hFj4cm2zwW4mKLS-3CbHnrW3_RwhR3NBBqrW3_rhV74mHZG3W49RLJN3ZVdqGW1S1nms1G8FMJW1S1PBZ3SYMWhW4cQh_B4fGBqDW1GGnl13_X4wPW4cfKQD1GHD7pW1GHbGW3K2B35W1GCtKw1Gyyq-W3FbsP21Gy6qBF43Xx5TQ2Bh1&si=8000000019323838&pi=acfd94c8-3cd2-4cff-a975-5af0ddbffe50)'s accounting makes clear that the U.S. Securities and Exchange Commission (SEC) is determined to enforce GAAP as the designated accounting standard for publicly traded companies. This is ultimately in the pursuit of ensuring that investors have appropriate financial information at their disposal. However, GAAP standards fail to accurately represent the financial status of corporations with long-term crypto treasury strategies. Established in 1973, the Financial Accounting Standards Board (FASB) is the premier source for accounting and reporting standards for public, private and not-for-profit organizations, following the General Accepted Accounting Principles (GAAP). The U.S.Securities and Exchange Commission (SEC) recognizes the FASB as the designated accounting standards setter - which basically just means that what the FASB says - along with what is agreed upon in the GAAP - goes.  ![Screenshot 2022-01-25 at 08-07-22-png](https://blog.cryptio.co/hs-fs/hubfs/Screenshot%202022-01-25%20at%2008-07-22-png.png?width=781&name=Screenshot%202022-01-25%20at%2008-07-22-png.png) In theory, investors and shareholders ought to be able to look at any company's GAAP balance sheet and P&L determine, how much capital the business has, and make a judgment as to whether the business is 'well run'. The challenge with GAAP in the context of Microstrategy, or any company with a long-term crypto treasury strategy is that it requires businesses to record unrealized losses for intangible assets as 'impairments'. This means that if the price of the crypto asset value dips during the financial reporting term-end, the business has to report that impairment as an *operating loss* on their P&L. Companies with long-term crypto treasury strategies have to report losses in their short-term financial reports even if they have no intention of realizing the loss. Unrealized gains on the other hand are ignored and businesses can’t adjust the value of the asset upward. The gains can only be reported when realized. > This asymmetrical accounting treatment is a challenge for businesses that hold crypto in their treasury. It is understandable that businesses would need to unofficially communicate their crypto treasury strategy to their investors otherwise they may be misled by the GAAP income statement to believe the company's **operating** business has taken a hit. ### Updating GAAP standards for the digital economy Over the past year, the FASB has been flooded with letters and emails from a multitude of stakeholders, including a September letter issued by the Chamber of Digital Commerce urging the board “to add standard setting for digital assets/cryptocurrency on the near-term agenda.” The [letter](https://www.fasb.org/cs/BlobServer?blobkey=id&blobnocache=true&blobwhere=1175836335502&blobheader=application%2Fpdf&blobheadername2=Content-Length&blobheadername1=Content-Disposition&blobheadervalue2=1239391&blobheadervalue1=filename%3DAGENDACONSULT.ITC.093.CHAMBER_OF_DIGITAL_COMMERCE_PERIANNE_BORING_AND_SEE_LISTED.pdf&blobcol=urldata&blobtable=MungoBlobs) continued, "for investors, corporates, and professional service providers such as accountants and auditors, cryptocurrencies and digital assets are now part of the daily business" and that "effectively all relevant constituents involved in the digital asset economy today note that the lack of GAAP clarity for digital assets is an identifiable need to facilitate better investor information, improved company accounting and financial governance, as well as consistent third-party CPA service to market participants." Despite increased calls for clarity, the FASB chairman Richard Jones said in November that beyond gathering intel about current issues surrounding standard setting for cryptocurrencies, nothing else is in the works, according to [CFO Dive](https://www.cfodive.com/news/cryptocurrencies-not-on-fasbs-agenda-beyond-info-gathering/609845/). Therefore, it may be some time before these standards are updated to become more crypto-friendly. This adds an accounting hurdle for US businesses (especially publicly traded companies), as global corporate adoption soars.  ### Get started with Cryptio Are you a Crypto-Native Enterprise, Institution, or DAO? Cryptio can help you instantly transform your on-chain activity from Bitcoin, Ethereum, BSC, and more – into GAAP and IFRS grade ledgers.   Sign up for a free trial, get started with Cryptio Ionic -[ Free trial here.](https://app.cryptio.co/register)  Or, get in touch with our team and book a call – [Book a demo here](https://cryptio.co/demo)   #### Table of contents - [Microstrategy, the SEC, and GAAP accounting](https://blog.cryptio.co/gaap-microstrategy#anchor-1) - [Updating GAAP standards for the digital economy](https://blog.cryptio.co/gaap-microstrategy#anchor-2) - [Get started with Cryptio](https://blog.cryptio.co/gaap-microstrategy#anchor-3) ### Start using Cryptio for free [![Book a demo](https://no-cache.hubspot.com/cta/default/20275766/7f093aaf-1bd4-4545-97c6-c5ac040f256c.png)](https://cta-redirect.hubspot.com/cta/redirect/20275766/7f093aaf-1bd4-4545-97c6-c5ac040f256c) [Back to blog](https://blog.cryptio.co) ### Discover more from Cryptio - [Crypto Finance Forum](https://blog.cryptio.co/tag/crypto-finance-forum) ### [Practical accounting techniques - How to analyze a token roll forward with Hash Basis](https://blog.cryptio.co/practical-accounting-techniques-how-to-analyze-a-token-roll-forward-with-hash-basis) 3 minute read - [Partnership](https://blog.cryptio.co/tag/partnership) ### [Ledger Enterprise partners with Cryptio to bring financial auditability to institutions](https://blog.cryptio.co/ledger-enterprise-partners-with-cryptio-to-bring-financial-auditability-to-institutions) 2 minute read - [Crypto Finance Forum](https://blog.cryptio.co/tag/crypto-finance-forum) ### [Crypto accounting standards w. the FASB, Deloitte & RSM](https://blog.cryptio.co/crypto-accounting-standards-w.-the-fasb-deloitte-rsm) 4 minute read ## Book a meeting with *our experts* On the call we can set you up with a sandbox account so you can try Cryptio for yourself. ![Letter icon](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/letter.svg) - Enterprise-grade security - Online support - Instant access ![Letter icon](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/loop.png) ![Letter icon](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/ethereum_bitcoin_coin.png) ![Cryptio logo](https://blog.cryptio.co/hubfs/raw_assets/public/Cryptio_October2021/images/logo-white.svg "Cryptio logo") [![LinkedIn](https://blog.cryptio.co/hubfs/LinkedIn.svg)](https://www.linkedin.com/company/cryptio) [![Twitter](https://blog.cryptio.co/hubfs/Twitter.svg)](https://twitter.com/cryptio_co) ![soc-logo](https://blog.cryptio.co/hs-fs/hubfs/Imported%20images/soc-logo.png?width=38&name=soc-logo.png "soc-logo") ### Product - [Use cases](https://cryptio.co) - [Solutions](https://cryptio.co) - [Pricing](https://cryptio.co/pricing) - [Integrations](https://cryptio.co/integrations) ### Support - [Contact us](https://cryptio.co/contact) - [Help center](https://support.cryptio.co/hc/en-gb) ### Company - [Partners](https://cryptio.co/partners) - [Blog](https://blog.cryptio.co/) ### Legal - [Terms & Conditions](https://cryptio.co/terms) - [Privacy policy](https://cryptio.co/privacy) ### Don’t miss an update Sign up for our newsletter for the latest Cryptio news & insights All Rights Reserved - Inquiries: [security@cryptio.co](mailto:security@cryptio.co)