Recently, the Crypto Assets market has experienced a strong pump. The price of Bitcoin rose over 4.2% in a single day, breaking the $119,000 mark. At the same time, several crypto-related listed companies also saw a collective rise in stock prices, including MicroStrategy, Marathon Digital Holdings, and CleanSpark, with the highest increase reaching 6%.

Behind this wave of market movement is the news that the U.S. Treasury Department plans to adjust the CAMT (Corporate Alternative Minimum Tax) rules. The new policy may no longer impose a 15% tax on unrealized Bitcoin gains, which is undoubtedly a significant boon for companies holding large amounts of Crypto Assets. Previously, accounting standards based on market valuation led to unrealized profits being taxed, provoking strong opposition from some companies who argued that this practice is both unfair and detrimental to global competition.

This policy shift not only has a direct impact on companies currently holding crypto assets, but it could fundamentally change the asset allocation logic of large institutions. The strategy of holding crypto assets long-term as a store of value and a hedge against fiat currency depreciation seems to be gaining tacit approval and support from regulatory authorities.

It is worth noting that this policy change may open up broader development space for crypto treasury strategies like C10. The C10 treasury aims to become the core reserve treasury of the Web3 financial system, upgrading MicroStrategy's single asset model to a more robust and diversified basket of assets model.

Looking ahead, this policy adjustment could have more far-reaching effects. It suggests that potential adopters of the encryption treasury strategy may expand from Web3 native projects to a large number of traditional Web2 listed companies seeking diversified asset allocation. This shift could trigger a revolution in institutional asset allocation, bringing more institutional funds into the Crypto Assets market.

With the gradual clarification of the regulatory environment and the increase in institutional participation, the Crypto Assets market may welcome a new round of growth opportunities. However, investors still need to be cautious, closely monitor policy changes and market trends, and manage risks effectively.