Saylor Hints Bitcoin Buy Amid Suit Over Strategy Losses
Michael Saylor indicated that Strategy may purchase more Bitcoin, despite facing an investor lawsuit over a $5.9 billion loss on its Bitcoin holdings. The company holds 592,100 BTC, valued at approximately $59.7 billion. The lawsuit, filed by Abhey Parmar, alleges that Saylor and other executives breached fiduciary duties by making misleading statements regarding an accounting change that led to the significant loss. This change allowed corporate holders to use estimated market values for crypto on balance sheets, resulting in a nearly 9% drop in stock price. The complaint also claims executives profited $31.5 million from stock sales while the stock was inflated. A separate proposed class-action lawsuit also challenges the company’s disclosures related to the accounting rule. Strategy plans to vigorously defend against these claims.
