Correspondence 0001193125-23-142176 from Strategy Inc (MSTR)
Strategy Inc
Date: May 11, 2023 · CIK: 0001050446 · Accession: 0001193125-23-142176
AI Filing Summary & Sentiment
File numbers found in text: 000-24435
Referenced dates: May 8, 2023
Letter
Securities and Exchange Commission Division of Corporation Finance Brittany Ebbertt Re: MicroStrategy Incorporated Form 10-K for the Fiscal Year Ended December 31, 2022 Filed February 16, 2023 File No. 000-24435
Dear Ms. Collins and Ms. Ebbertt:
On behalf of MicroStrategy Incorporated (“MicroStrategy”), I am responding to the comment contained in the letter dated May 8, 2023 from the staff of the Securities and Exchange Commission (the “Commission”) to Andrew Kang, Senior Executive Vice President & Chief Financial Officer of MicroStrategy, relating to MicroStrategy’s Form 10-K for the fiscal year ended December 31, 2022.
Form 10-K for the year ended December 31, 2022
Notes to Consolidated Financial Statements
Note 4. Digital Assets, page 88
Comment:
1. We note your response to prior comment 3 and your revised disclosures in your recent Form 10-Q filing where you included the market value at quarter end of bitcoin pledged as collateral. Please also revise your financial statement footnotes disclosures to provide the dollar amount of bitcoin included in your digital asset balance sheet line item at period end that is pledged as collateral.
Response:
MicroStrategy will revise its digital assets footnote disclosure in future filings to include disclosure of the dollar amount (i.e., the carrying value) of bitcoin included in the “Digital assets” balance sheet line item at period end that is pledged as collateral.
* * * * *
In connection with responding to the staff’s comment, MicroStrategy acknowledges that (i) it is responsible for the adequacy and accuracy of the disclosure in its filing; (ii) staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and (iii) it may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
1850 Towers Crescent Plaza
Tysons Corner, VA 22182
703 848
703 848 8610 Fax
www.microstrategy.com
We hope you find that this response answers the staff’s questions, but please contact the undersigned at (571) 491-5247 if you have any further questions or would like to discuss our response.
Very truly yours,
/s/ Andrew Kang
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CORRESP 1 filename1.htm CORRESP 1850 Towers Crescent Plaza Tysons Corner, VA 22182 703 848 8600 703 848 8610 Fax www.microstrategy.com May 11, 2023 Securities and Exchange Commission Division of Corporation Finance 100 F Street, NE Washington, D.C. 20549-4561 Attn: Kathleen Collins Brittany Ebbertt Re: MicroStrategy Incorporated Form 10-K for the Fiscal Year Ended December 31, 2022 Filed February 16, 2023 File No. 000-24435 Dear Ms. Collins and Ms. Ebbertt: On behalf of MicroStrategy Incorporated (“MicroStrategy”), I am responding to the comment contained in the letter dated May 8, 2023 from the staff of the Securities and Exchange Commission (the “Commission”) to Andrew Kang, Senior Executive Vice President & Chief Financial Officer of MicroStrategy, relating to MicroStrategy’s Form 10-K for the fiscal year ended December 31, 2022. Form 10-K for the year ended December 31, 2022 Notes to Consolidated Financial Statements Note 4. Digital Assets, page 88 Comment: 1. We note your response to prior comment 3 and your revised disclosures in your recent Form 10-Q filing where you included the market value at quarter end of bitcoin pledged as collateral. Please also revise your financial statement footnotes disclosures to provide the dollar amount of bitcoin included in your digital asset balance sheet line item at period end that is pledged as collateral. Response: MicroStrategy will revise its digital assets footnote disclosure in future filings to include disclosure of the dollar amount (i.e., the carrying value) of bitcoin included in the “Digital assets” balance sheet line item at period end that is pledged as collateral. * * * * * In connection with responding to the staff’s comment, MicroStrategy acknowledges that (i) it is responsible for the adequacy and accuracy of the disclosure in its filing; (ii) staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and (iii) it may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. 1 1850 Towers Crescent Plaza Tysons Corner, VA 22182 703 848 8600 703 848 8610 Fax www.microstrategy.com We hope you find that this response answers the staff’s questions, but please contact the undersigned at (571) 491-5247 if you have any further questions or would like to discuss our response. Very truly yours, /s/ Andrew Kang Andrew Kang Senior Executive Vice President & Chief Financial Officer 2