Bitcoin miner Riot Platforms Inc. said Thursday that it would have to restate several past financial statements to correct errors in how it calculated impairment losses on its crypto holdings.
The company should have used the intraday low price of Bitcoin to determine whether an impairment had occurred, instead of using a spot price at a standard cutoff time, it reported. It also said it would delay the filing of its annual 10-K as it worked to fix the mistakes.
The low price is the “most accurate indicator of whether it is more likely than not that the asset ...
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