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S&P Global has assigned a 「B-」 Issuer Credit Rating to Strategy, citing a high degree of business concentration and risks of capital structure and liquidity mismatch.
BlockBeats News, October 28th, according to official sources, S&P Global Ratings announced today that it has awarded a "B-" Issuer Credit Rating to Strategy Inc (formerly MicroStrategy Incorporated), with a stable outlook. This rating is based on the following key factors:
· Business Concentration: The company has essentially become a Bitcoin reserve platform, with its traditional software business (providing AI enterprise analytics services) being negligible in scale
· Capital Structure Risk: The Risk-Adjusted Capital (RAC) is a significant negative value, mainly due to the deduction of Bitcoin assets in the computation of adjusted common equity
· Liquidity Mismatch: The company holds a large amount of Bitcoin (as of the second quarter of 2025, total adjusted capital is a negative value), but debt interest, preferred stock dividends, etc., all need to be paid in U.S. dollars
· Operating Cash Flow Deficiency: Operating cash flow was -$37 million in the first half of 2025, with over 99% of the pre-tax profit of $8.1 billion coming from the fair value change of Bitcoin
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