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MicroStrategy CEO Michael Saylor speaks at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida.
Joe Raedle | Getty Images
Shares of MicroStrategy tumbled 17.8% Friday afternoon after the U.S. Securities and Exchange Commission reportedly rejected the company’s bitcoin accounting strategy.
The business-intelligence software company’s stock had been falling in tandem with the price of bitcoin, which dropped more than 10% Friday to its lowest point since August. MicroStrategy shares are down 24.7% for the week.
A filing released Thursday showed the SEC rejecting the accounting method MicroStrategy was using…
Source cnbc.com
