Bitcoin prices have fallen about 12% this year but have skyrocketed nearly 4,300% over the past five years.
Bitfarms says it's purchased nearly 70% of its total bitcoin holdings since the third quarter of last year, a massive investment that helped shares soar as much as 125%—before bitcoin's plunge in November helped push the stock down more than 50%. $10 billion. That's nearly how much about 20 public companies with a market capitalization of more than $1 trillion have invested in bitcoin, according to London-based crypto firm Nickel Digital Asset Management.
” Accounting rules require corporations to treat bitcoin as an intangible asset, Klein says, meaning firms “must write down the value if the price declines, but they can’t write up the value if the price appreciates.” Trading at about $40,800 on Monday morning, bitcoin has plunged roughly 40% from a record high of $69,000 in November, as the broader market reels from the prospect of central banks pulling pandemic-era economic stimulus more quickly than previously expected.
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