Financial Accounting Standards Board, after Corporate Alternative Minimum Tax was enacted, mandated to account digital assets at market value, replacing the previous treatment of digital assets as an indefinite-lived intangible asset subject to irreversible impairment losses—a shift long sought by companies like MicroStrategy

Quotes that support claims

After the CAMT was put in place, the Financial Accounting Standards Board clarified that firms with digital assets on their balance sheets would be required to report their holdings mark-to-market, meaning assets' value is tied to the current market price, not the original price. This was a change firms like MicroStrategy had lobbied for, because prior to this accounting standard bitcoin was treated as an "indefinite-lived intangible asset" that would be marked with a permanent impairment loss if its price fell.