S&P Assigns ‘B-’ Rating to Strategy (MSTR), Citing Bitcoin Exposure and Liquidity Risk

S&P Global Ratings assigned Strategy (MSTR), a company heavily invested in Bitcoin, a 'B-' issuer credit rating with a stable outlook. This rating reflects the company's high concentration in Bitcoin, narrow business focus, weak risk-adjusted capitalization, and low U.S. dollar liquidity. Strategy primarily raises capital through equity and debt to purchase and hold Bitcoin, reporting significant pre-tax earnings from Bitcoin appreciation, though operating cash flow was negative in H1 2025. S&P noted a currency mismatch between its Bitcoin assets and dollar obligations, along with cybersecurity risks. While Strategy has access to capital markets, S&P warned that a sharp Bitcoin price drop could force sales at depressed prices. This marks the first time a major credit rating agency has rated a Bitcoin Treasury Company. The article also references Michael Saylor's long-term vision for Strategy to accumulate a trillion-dollar Bitcoin balance sheet to underpin a new global credit system.

(Source：Bitcoin Magazine)