What happened?
Strategy Inc.’s Bitcoin treasury hit a new all-time market value of $77.4 billion after the 2025 bull run. The company began buying BTC in 2020 and has never sold its holdings, growing from a $2.1 billion position back then to today’s valuation. New IRS and Treasury guidance also means it doesn’t have to include unrealized Bitcoin gains in the 15% Corporate AMT calculation, avoiding a potential multi‑billion tax bill.
Who does this affect?
Strategy’s shareholders directly benefit from the large unrealized gains and the reduced tax exposure that preserves corporate value. Other public companies weighing Bitcoin for their treasuries are affected because this outcome lowers a key regulatory and tax risk that previously deterred adoption. Crypto investors and the broader market are also affected as corporate moves can change demand, sentiment, and perceived legitimacy of Bitcoin.
Why does this matter?
A $77.4 billion corporate Bitcoin holding plus favorable tax clarity could encourage more firms to buy and hold BTC, increasing institutional demand. That added demand, on top of a market already pushing prices above $124,000, can tighten supply and pressure prices upward while raising volatility. Overall, reducing a major regulatory risk boosts confidence and can shift liquidity and valuation dynamics across crypto markets.