This does not mean that they sold the Bitcoins, but that they had to set aside a reserve of money for a potential future loss on their Bitcoins.

This has nothing to do with their propensity to sell their Bitcoins or their expectations on the price of Bitcoins. Instead, it has to do with the way accounting principles work and the need to mark-to-market financial investments.

> No, Bitcoin and other cryptocurrencies in the US are booked as indefinitely lived intangibles.

> That means that if the asset falls below their most recently booked price at any point in the quarter, they are required to book an impairment charge in the amount of the drop. If it goes up, they cannot book the profit until they sell.