Treasury Eases CAMT Crypto Burden
The U.S. Treasury Department and IRS have released interim guidance revising the Corporate Alternative Minimum Tax (CAMT), scrapping the controversial provision that would have taxed unrealized Bitcoin gains.
The earlier draft of the CAMT rule required companies like Strategy to pay taxes based on the market value of their Bitcoin holdings rather than purchase price. Now, under the new guidance, corporations may exclude unrealized gains and losses on crypto when calculating their adjusted financial statement income (AFSI).
Industry leaders, including Coinbase and Strategy, had pushed back hard against the proposal, arguing it unfairly singled out crypto while traditional assets were exempt.
Corporations Score a Major Win
The CAMT imposes a 15% minimum tax on large corporations’ financial statement income, but the interim rule ensures Bitcoin holdings won’t trigger multibillion-dollar tax liabilities.
A Treasury official confirmed that revised proposed regulations will be issued, effectively withdrawing the earlier draft. This clears the way for companies like Strategy, which holds 640,031 BTC, to avoid being penalized for simply holding long-term crypto reserves. In the first half of 2025, Strategy flagged $14 billion in unrealized gains, which would have been taxed under the old framework.
White House Shifts Regulatory Direction
The tax relief news coincided with another policy shake-up: the withdrawal of Brian Quintenz’s nomination to chair the Commodity Futures Trading Commission (CFTC).
Quintenz, a former a16z crypto executive, faced mounting scrutiny over conflicts of interest, leaked emails, and a public feud with the Winklevoss twins. The White House ended speculation Tuesday by abruptly pulling his nomination.
This move underscores the high political tension around crypto policy, as the administration balances pro-innovation reforms with oversight concerns.
Lummis Hails “Victory for Innovation”
Senator Cynthia Lummis, a long-time pro-Bitcoin advocate, applauded the Treasury’s pivot.
Lummis had previously introduced legislation to eliminate double taxation on crypto, framing the CAMT revision as a crucial step toward making the U.S. more competitive.
The Trump administration’s Treasury just delivered for American innovation—fixing the CAMT problem that threatened unrealized gains on Bitcoin.
— Senator Cynthia Lummis (@SenLummis) September 30, 2025
This leadership clears the way for the U.S. to become the world’s #Bitcoin superpower. 🇺🇸
Thank you @USTreasury & @realDonaldTrump.
The Trump administration’s Treasury just delivered for American innovation—fixing the CAMT problem that threatened unrealized gains on Bitcoin.
— Senator Cynthia Lummis (@SenLummis) September 30, 2025
This leadership clears the way for the U.S. to become the world’s #Bitcoin superpower. 🇺🇸
Thank you @USTreasury & @realDonaldTrump.
Strategy Surges on Wall Street
Following Treasury’s announcement, Strategy stock surged 5.74%, climbing from $322.22 to $340.88 on NASDAQ.
The firm, led by Michael Saylor, now holds over 640,000 BTC with an average cost basis of $47.35 billion. Its holdings are currently worth $74 billion, making it one of the largest institutional Bitcoin treasuries worldwide.
The tax relief ensures Strategy can continue stacking Bitcoin without fear of punitive tax treatment, reinforcing the trend of corporations treating crypto as a strategic reserve asset.