From this article: https://news.bloombergtax.com/financial-accounting/sec-rejects-microstrategys-bitcoin-accounting-strategy https://news.bloombergtax.com/finan

From this article: https://news.bloombergtax.com/financial-accounting/sec-rejects-microstrategys-bitcoin-accounting-strategy https://news.bloombergtax.com/financial-accounting/sec-rejec... > U.S. generally accepted accounting principles, or GAAP, offer no rules for reporting the value of digital assets. Nonbinding guidance from the American Institute of CPAs says companies should classify the currency as an intangible asset, as outlined in ASC 350. This means businesses that don’t qualify as investment firms would record cryptocurrency at historical cost and then only adjust it if the value declines. Once their holdings get written down, or impaired, companies can’t revise the value back up if the price recovers.