STRD: IRS Exempts Digital Gains from CAMT

The IRS guidance issued on 2025-10-01 clarifies that unrealized gains on digital assets are not included in the calculation of the CAMT base. That definitional change narrows the tax base used to determine CAMT liabilities where unrealized digital asset appreciation had previously been a point of uncertainty. For investors following STRD, the timing of this guidance follows recent company disclosures: STRD reported updates on ATM share sales and bitcoin acquisitions on 2025-09-22 and 2025-09-29, and a preferred dividend increase to 10.25% on 2025-09-30. If STRD holds digital assets whose appreciation was previously considered in CAMT calculations, the new IRS position may reduce the potential CAMT exposure tied to unrealized gains. The immediate practical impact depends on STRD's specific tax reporting, asset classification and realized vs. unrealized recognition policies disclosed in company filings. Investors should review STRD’s upcoming periodic filings and any issuer statements for explicit tax-impact disclosures. Absent company-specific tax notes, the guidance primarily provides clarity on tax treatment rather than an automatic change to cash taxes or distributions.