Strategy (MSTR) Earns S&P ‘B-’ Rating, Marking a Major Milestone for Bitcoin-Backed Credit

S&P Global Ratings assigned Strategy Inc. (MSTR) a 'B-' Issuer Credit Rating with a Stable outlook, marking the first time a major agency has formally evaluated a company using a Bitcoin-backed credit model. This is a structural milestone, signaling that Bitcoin can underpin structured debt and is shifting from a speculative asset to recognized collateral within corporate capital structures.

S&P acknowledged weaknesses like high Bitcoin concentration and low dollar liquidity but credited Strategy's structural strengths, such as no near-term debt maturities before 2027–2028 and a capital stack designed to accumulate Bitcoin without shareholder dilution. The Stable outlook suggests S&P believes the company can service obligations without selling reserves.

This rating legitimizes bitcoin-backed credit, moving it from theory to a rated financial reality. It forces Bitcoin into traditional risk models, potentially increasing the probability of institutional capital flows and index inclusion by providing a risk rating for index committees and treasury teams to benchmark against. This validates the three-phase evolution of corporate treasury strategy, culminating in the use of capital markets to acquire Bitcoin and service liabilities without selling reserves.

(Source：Bitcoin Magazine)