If you run a public company that has invested in Bitcoin or other cryptocurrency you have to take the hit.
The SEC has told companies like Microstrategy and Tesla that they cannot use non-GAAP financial measures to strip out losses from cryptocurrency downturns when filing their periodic reports on Form 10-Q and 10-K.
The staff of CorpFin stated in its comment letter “…we object to your adjustment for bitcoin impairment charges in your non-GAAP measures. Please revise to remove this adjustment in future filings.”
Language like this is a policy statement, so take it as gospel.
See the SEC Comment Letter:
