The US Treasury Department and the Internal Revenue Service have recently issued new interim guidance that has significant implications for corporations holding Bitcoin and other digital assets. The guidance, released on Sept. 30, includes notices 2025-46 and 2025-49, which clarify how the Corporate Alternative Minimum Tax (CAMT) applies to unrealized gains, a topic that had previously caused uncertainty among corporate treasuries.
This new guidance comes in response to feedback on proposed regulations that were published in September 2024, leaving many corporations unsure about how unrealized crypto gains would be treated under the CAMT framework. By addressing this gap, the Treasury and the IRS aim to reduce compliance costs and provide clarity on how firms calculate their adjusted financial statement income (AFSI), which serves as the tax base for CAMT. Companies can now rely on this interim relief immediately, with additional provisions expected in upcoming regulations.
The CAMT, which was established by the 2022 Inflation Reduction Act, imposes a 15% minimum levy on corporations reporting at least $1 billion in average annual AFSI. Without adjustments, this calculation could have included unrealized digital asset gains, potentially resulting in substantial paper tax liabilities for companies with significant crypto holdings.
One company that stands to benefit from this new guidance is Strategy Inc. (formerly MicroStrategy), which holds over 640,000 BTC. Following accounting standards adopted in January 2025, Strategy now reports its Bitcoin at fair value, with unrealized gains and losses impacting net income each quarter. Prior to this guidance, analysts had predicted that the company would be subject to CAMT in 2026, potentially facing billions in tax liabilities on unrealized Bitcoin gains. However, the new rules allow Strategy to exclude these unrealized crypto gains from AFSI, eliminating the threat of CAMT exposure linked to its $16 billion in Bitcoin holdings.
This development could have a ripple effect across the corporate landscape, as more than 100 public firms hold over 1 million BTC. The ruling provides validation for Bitcoin as a corporate reserve asset and could encourage other companies to follow suit in holding digital assets as part of their treasury strategy.
Bitcoin advocates have welcomed the IRS clarification, noting that it provides certainty for firms and removes a barrier that may have previously discouraged companies from reporting strong digital asset gains. Investor Peter Duan and Jeff Walton of Strive Asset Management have both expressed support for the decision, highlighting the positive impact it could have on corporate treasuries and the broader cryptocurrency market.
In conclusion, the new interim guidance from the US Treasury Department and the IRS offers relief for corporations holding Bitcoin and other digital assets, addressing concerns around CAMT and unrealized gains. This development has the potential to reshape how companies approach their treasury strategies and could further solidify Bitcoin’s role as a corporate reserve instrument.