REIT announces it miscounted beans, stock loses the equivalent of the entire Bitcoin market cap overnight

REIT American Realty Capital Properties, a once $10 billion market cap stock, announced, under the cover of the Fed ending QE3, that it had overstated its adjusted funds from operation, a cash flow key metric used by REITs, from Q1 and Q2 of 2014 — a phenomenon which can only be described as “lolcounting.”

While the amount of money involved was a paltry $23 million, the accounting irregularities resulted in the resignation of the company’s chief financial officer, Brian Block, and chief accounting officer, Lisa McAlister.

The result: a crash in the stock that wiped out nearly 30% or $4 billion in market cap, currently near the same size of the entire market cap of Bitcoin.

So while Bitcoin might seem to be gaining quite a bit of traction, it is currently only valued at the rough equivalent of one accounting mistake at a Real Estate Investment Trust that no one has ever heard of!

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