It’s a complaint that could shake Wall Street. The New York-based law firm Pomerantz LLP has filed a federal class action against Strategy (formerly MicroStrategy), the company led by the highly publicized Michael Saylor. The issue? Misleading statements about the profitability of its Bitcoin strategy.
Un cabinet d’avocats intente une action collective contre Strategy
The facts concern the period between April 30, 2024, and April 4, 2025, during which Strategy allegedly overstated the profits from its BTC holdings while downplaying volatility risks. The result: potentially misled thousands of investors and a lawsuit with high media potential.
5.9 billion dollars at stake
At the heart of the case: Strategy’s adoption of accounting standard ASU 2023-08, mandated by the FASB, the US accounting authority. This new method requires companies to value their crypto assets at ‘fair value’, reflecting their actual market price, both up and down.
According to the complaint, Strategy allegedly masked the real impact of this change in its public communications. The company continued to publish favorable metrics like BTC Yield or BTC Gain while concealing potentially massive losses on its bitcoin holdings.
The plaintiffs notably highlight a shocking figure: 5.9 billion dollars in unrealized losses on digital assets in the first quarter of 2025. An announcement that immediately caused over an 8% drop in MSTR stock price.
An empire built on BTC… but at what cost?
Since its strategic shift in 2020, Strategy has become the first publicly traded company holding bitcoin, with 597,325 BTC in the stash. An ultra-aggressive strategy that has paid off so far: +3,328% performance over 5 years for MSTR stock.
However, this case could mark a turning point. The class action is open to all Strategy investors until July 15. If the allegations are proven, it raises questions about transparency for companies exposed to Bitcoin, in a context where more and more firms, like Metaplanet, are emulating this treasury strategy.
Stakes far beyond Strategy
It’s not just the Strategy model under scrutiny, but also how publicly traded companies report their crypto exposures. The ASU 2023-08 standard aimed for more clarity. Ironically, it could become the trigger for a large-scale crypto accounting scandal.
The judicial verdict will likely take months. But for the markets, the message is clear: the honeymoon between Bitcoin and balance sheets will not last forever.
