Business intelligence company MicroStrategy Inc (NASDAQ: MSTR) has endorsed the Financial Accounting Standards Board (FASB)’s proposed accounting standards for crypto assets. In a letter submitted on Monday, MicroStrategy supported the authority's efforts to promote fair value accounting for Bitcoin and other cryptocurrencies.

MicroStrategy, known for holding the largest Bitcoin reserve among public companies, announced that as of March 31, 2023, it holds 140,000 Bitcoins, valued at approximately $3.78 billion as of May 22, 2023. The company acquired these BTC holdings at an initial cost of $4.17 billion, with their current market value reaching around $3.986 billion. This substantial holding is now reflected in the company's consolidated balance sheet, showing a doubling of its Bitcoin assets.

The company has expressed its support for FASB’s proposed fair value model, believing it would enable them to provide investors with more relevant information. Despite the recent selling pressure on Bitcoin, which is trading at an average price of $27,303.02 with a 24-hour trading volume surge of 27% to $10.4 billion, MicroStrategy remains steadfast in its crypto strategy.

In its response, MicroStrategy acknowledged FASB’s decision to initially limit the scope criteria, noting the complexities associated with non-fungible tokens, wrapped tokens, and other similar assets.