Michael Saylor is the CEO of MicroStrategy and he is speaking at the convention in Miami, Florida.
The SEC reportedly rejected the company's accounting strategy.
The business-intelligence software company's stock had been falling in tandem with the price of bitcoin, which had dropped more than 10% Friday to its lowest point since August. MicroStrategy shares have fallen for the week.
The SEC rejected the accounting method MicroStrategy was using for its earnings reporting.
The filing said they object to the adjustment for the impairment charges in the non-GAAP measures. Please remove this adjustment from future filings.
MicroStrategy started buying bitcoin in 2020 as part of a capital allocation strategy. Its shares are a proxy for the currency.
At the end of the year, MicroStrategy held over 100,000 bitcoins, acquired for over 3 billion dollars at an average price of $30,157 per bitcoins, according to CEO Michael Saylor.
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