This is interesting, I would have expected a loss. I recall MSTR had to report a loss in 2020 even though it went up a lot, due to how GAAP works with bitcoin.

This is interesting, I would have expected a loss. I recall MSTR had to report a loss in 2020 even though it went up a lot, due to how GAAP works with bitcoin. Basically if you buy bitcoin (or any property) at $X, then it dips to $Y, then goes back up to $Z, you have to report the difference between X and Y (purchase price - lowest point) as a GAAP loss.