Strategy’s Bitcoin Holdings Top $59B, Lawsuit Claims Accounting Misconduct

A class-action lawsuit against software firm Strategy (formerly MicroStrategy) alleges the company concealed a significant financial loss linked to new accounting rules regarding Bitcoin. The company’s holdings now exceed $59 billion in Bitcoin (BTC), with an average cost basis of $69,726 per BTC, fueled by stock sales and recent acquisitions. This move comes amid investor unease about Strategy’s strategy for handling the associated financial risk.