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Strategy faces a class action lawsuit, controversy arises over Bitcoin investment and accounting disclosures.
Strategy Faces Class Action: Bitcoin Investment Strategy and Accounting Disclosure Controversy
Recently, a class action lawsuit against Strategy Company was filed in the United States District Court for the Eastern District of Virginia, raising widespread attention in the market regarding the investment and accounting treatment of crypto assets. The lawsuit involves investors who purchased Strategy securities between April 30, 2024, and April 4, 2025, accusing the company of securities fraud in relation to Bitcoin investment profit data and accounting standards.
Strategy was originally a software company focused on enterprise-level business intelligence and data analysis. Since 2020, under the leadership of its founder, the company has transformed into an asset allocation strategy centered around Bitcoin, making large-scale investments in the Bitcoin market. As of early 2025, the company has accumulated over 200,000 Bitcoins, becoming a highly regarded crypto asset investment vehicle in the capital markets.
The core allegations of the lawsuit include two aspects: first, the company made false or misleading statements regarding the profitability of its Bitcoin investment strategy; second, it failed to timely disclose the significant impact brought about by the new accounting standards and downplayed the related risks. The plaintiffs believe that Strategy exaggerated the positive financial effects brought by Bitcoin in multiple external communications, obscuring its actual reliance on the paper gains from the rise in coin prices, rather than the sustained profitability of its core business.
Another focus is the impact of ASU 2023-08 accounting standards. The standard requires companies to measure cryptocurrencies such as Bitcoin at fair value starting from the 2025 fiscal year, and to directly reflect changes in fair value in the income statement. Strategy only disclosed an unrealized loss of $5.91 billion due to the adoption of this standard on April 7, 2025, and this delayed disclosure is considered to undermine investors' ability to assess the company's true financial condition.
This lawsuit highlights the challenges faced by listed companies in information disclosure and compliance regulation against the backdrop of the rapid development of crypto assets. On one hand, after incorporating Bitcoin into their financial structure, a company's profitability and asset volatility highly depend on market conditions, and any external statements must carefully consider potential legal risks. On the other hand, the implementation of new accounting standards requires companies to timely and accurately assess and disclose their impact on financial conditions.
This case not only concerns the pursuit of individual case responsibility but may also become an important reference for how listed companies balance strategic promotion and compliance requirements against the backdrop of reforms in accounting standards for crypto assets. As crypto assets gradually become an important component of corporate strategic asset allocation, regulatory agencies and market participants may re-examine the accounting treatment and information disclosure standards for crypto assets.