What happened? Treasury will formally exempt crypto holdings from the 15% Corporate Alternative Minimum Tax on unrealized gains.
The Treasury issued Notice 2025-49 and plans revised rules that let companies exclude fair-value increases on digital assets from CAMT calculations. The change adds an FVI Exclusion Option and a Hedge Coordination Option to stop unrealized crypto gains from creating immediate tax bills. It follows industry pushback and constitutional concerns and delays any CAMT hit until final regulations are published.
Who does this affect? Big corporations that hold crypto, accounting rule makers, and crypto firms pushing policy changes.
This mainly affects companies with over $1 billion in annual income that use GAAP fair-value accounting for crypto—like Strategy and exchanges such as Coinbase. It also helps U.S. firms that were at a disadvantage versus foreign competitors that don’t mark crypto to market. Finally, tax authorities, auditors, and investors watching corporate treasury strategies will feel the impact of the rule change.
Why does this matter? Because it reduces the chance of forced selling, lowers legal and tax uncertainty, and is bullish for the crypto market.
By preventing a sudden 15% tax on paper gains, the move cuts the risk that firms would sell crypto just to pay taxes, which would have put downward pressure on prices. It levels the playing field for U.S. companies, encouraging them to hold and deploy digital assets on their balance sheets and supporting demand. Overall, the exemption should calm markets, boost investor confidence in corporate crypto strategies, and remove a potential short-term shock to valuations even as final rules are still being written.