S&P Assigns B Rating to Bitcoin‑Heavy Strategy Inc

S&P Global assigned Strategy Inc. (formerly MicroStrategy) a B issuer credit rating with a stable outlook, marking the first time a major rating agency has formally rated a bitcoin‑treasury company. The agency flagged Strategy’s high bitcoin concentration, narrow business focus, weak risk‑adjusted capitalization, low U.S. dollar liquidity and a currency mismatch between bitcoin assets and dollar‑denominated obligations as key vulnerabilities that make it susceptible to market shocks. At the same time, S&P noted the company’s prudent debt management, staggered maturities and continued access to capital markets, saying it can service obligations for now without selling bitcoin reserves. Strategy remains the largest public holder of bitcoin (about 640,808 BTC after a disclosed 390 BTC purchase), has launched structured yield products, and founder Michael Saylor has reiterated aggressive long‑term BTC targets. Market and analyst responses were mixed but included supportive takes—TD Cowen retained a Buy rating and a $620 target—illustrating investor appetite amid volatility. S&P concluded Strategy would need stronger dollar liquidity and capital metrics to reach investment‑grade status.