CryptoQuant: Strategies May Face Future Tax Risks and Be Forced to Liquidate BTC to Cover Tax Bills

According to a report by Jinse Finance, CryptoQuant noted that, based on MicroStrategy’s (MSTR) latest SEC filing, as of June 30, 2025, the company holds 597,000 bitcoins, purchased at a cost of $42.4 billion, with a current market value of $64.4 billion. However, the new accounting standard ASU 2023-08 requires companies to report bitcoin assets at fair value, even if they have not actually been sold. This could trigger the 15% Corporate Alternative Minimum Tax (CAMT) starting in 2026. MicroStrategy explicitly stated in the filing that the company “may need to liquidate a portion of its bitcoin holdings or issue additional debt or equity securities to raise sufficient cash to meet its tax obligations.” This means that tax pressure may force MicroStrategy to sell part of its bitcoin holdings in the future to cover actual tax bills arising from unrealized gains.