CryptoQuant: Strategies will face tax risks in the future and may be forced to liquidate BTC to address tax bills.

According to a report from CryptoQuant on July 10, the latest SEC filings from Strategy (MSTR) reveal that as of June 30, 2025, the company holds 597,000 Bitcoins, with a purchase price of $42.4 billion and a current market capitalization of $64.4 billion. However, the new accounting rule ASU 2023-08 requires companies to report Bitcoin assets at fair value, even if they are not actually sold, which may trigger a 15% minimum corporate tax rate starting in 2026. Strategy clearly states 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 pressures may force Strategy to sell some of its Bitcoin holdings in the future to address the actual tax bill generated by unrealized gains.