MicroStrategy is going to sell Bitcoin? CryptoQuant warns: new accounting and tax policies force Strategy to exit and pay taxes.

Two new regulations in the United States, ASU 2023-08 and CAMT), will take effect sequentially in 2025 and 2026. This means that unrealized gains for companies will directly enter the tax base, implying that MicroStrategy may face a cash tax burden of billions of dollars. (Background: Is MicroStrategy's strategy a bubble or a crypto revolution? Wall Street's big short Jim Chanos ignites the MSTR value debate) (Additional background: MicroStrategy buys another $530 million in BTC, approaching 600,000 coins; Michael Saylor: You will only wish you had bought more.) When the price of Bitcoin hit a new all-time high on July 9, the Bitcoin holdings leader among U.S. listed companies, MicroStrategy (formerly MicroStrategy), faced a new challenge. CryptoQuant warned on July 9 via X platform that the two new regulations in the United States, namely ASU 2023-08 accounting standards and the corporate minimum tax CAMT(, will come into effect in 2025 and 2026, causing unrealized gains for companies to directly enter the tax base. This could mean a cash tax burden of billions of dollars for MicroStrategy, which holds 597,000 BTC with an unrealized gain of $22 billion. The Untold Risks of Strategy’s $60B+ Bitcoin Portfolio As of June 30, 2025, Strategy )MSTR( holds 597K BTC, bought for $42.4B — now worth $64.4B. But in their latest SEC filing )Form 8-K, July 2025(, they disclose major risks. Let’s break them down pic.twitter.com/bJwfi0R5nj — CryptoQuant.com )@cryptoquant_com( July 10, 2025 Note: ASU 2023-08 is an accounting standards update issued by the Financial Accounting Standards Board (FASB) on December 13, 2023, aimed at improving the accounting treatment and disclosure requirements for specific crypto assets (such as Bitcoin, Ether, etc.) to better reflect the economic characteristics of these assets and reduce the costs and complexities of accounting treatment. The main requirement is that crypto assets must be measured at fair value, and changes in fair value will be directly recorded in net income. Concerns under Bitcoin Asset Growth According to CryptoQuant statistics, as of June 30, 2025, the total market capitalization of Bitcoin held by MicroStrategy is approximately $64.4 billion. In the past, these positions only affected profit and loss when sold; however, ASU 2023-08 stipulates that companies must account for them at fair value, so market fluctuations will directly reflect in earnings. ASU 2023-08 and CAMT Double Whammy Starting in 2026, CAMT will impose a 15% tax on 'adjusted financial statement income,' meaning that as Bitcoin market value rises in the future, the tax MicroStrategy needs to pay will also increase. CryptoQuant cited documents submitted by MicroStrategy to the SEC stating: 'The company may need to liquidate some Bitcoin holdings or issue additional debt or equity securities to raise sufficient cash to meet tax obligations.' It is worth mentioning that MicroStrategy founder Michael Saylor has repeatedly stated that MicroStrategy will continue to buy and will not sell any Bitcoin. Two Fundraising Paths: Selling Coins or Borrowing Debt If MicroStrategy chooses to sell Bitcoin, it can quickly obtain cash, but the released tokens might suppress BTC prices; if it raises funds again through convertible bonds or preferred stock, it may preserve its holdings but could increase financial leverage and lead to a downgrade in ratings. The company's recent proposal for a $4.2 billion Series A preferred stock issuance plan has raised concerns among some analysts regarding its debt sustainability. Additionally, more and more companies are beginning to adopt MicroStrategy's coin hoarding strategy, and these companies may also face similar dilemmas in the future. Once the market concentrates on selling Bitcoin, the price of Bitcoin may bear significant pressure. Related Reports: Is MicroStrategy's Bitcoin buying causing trouble? Five class action lawsuits accuse Strategy's investments of containing 'false statements.' Understanding the essence of MicroStrategy's 'crazy Bitcoin buying': it's an arbitrage business. MicroStrategy spends another $26.1 million to increase its position, nearing 600,000 BTC; how much cash does it still have to buy BTC? 'Is MicroStrategy going to sell Bitcoin? CryptoQuant warns: new accounting and tax forces Strategy to pay taxes.' This article was first published in BlockTempo, the most influential blockchain news media.