On Wednesday, Bitcoin's intraday gains expanded to nearly 3%, breaking through $117,000; Ethereum rose over 4% to $4,308.8; cryptocurrency-related stocks continued their upward momentum, with Strategy (MSTR.US) rising over 6%, MARA Holdings (MARA.US) up over 5%, CleanSpark (CLSK.US) gaining over 4.9%, Sharplink Gaming (SBET.US) climbing over 5%, and Coinbase (COIN.US) advancing over 3%.

On the news front, according to Crypto In America, the US Treasury Department is preparing to formally relax a proposed rule that would have imposed a 15% tax on unrealized Bitcoin gains held by companies like Strategy under the Corporate Alternative Minimum Tax (CAMT) legislation. The CAMT law requires large corporations to pay minimum taxes on their financial statement income. Under current accounting standards, companies must mark their cryptocurrency holdings to market value, meaning their book profits (unrealized gains) would be taxed even without selling the assets.

Previously, companies including Strategy and Coinbase had written to the Treasury Department, arguing that taxing unrealized gains on digital assets is unfair and would force US companies to sell assets to pay taxes, putting them at a competitive disadvantage globally.