The international rating agency S&P Global Ratings has assigned the company Strategy (formerly MicroStrategy) a credit rating of B-, which falls into the speculative category. This rating level indicates heightened risks inherent in the company’s business model, as well as limited dollar liquidity.
This is reported by Finway
Factors for Assigning a B- Rating to Strategy
S&P Global Ratings explained that the decision is based on several factors. In particular, the company has a narrow business focus, with Bitcoin dominating its portfolio, and the availability of cash in dollars is insufficient. Additionally, there is a noted imbalance in assets, a lack of stable cash flow from operational activities, and vulnerability to cyberattacks.
The agency emphasized that the specifics of Strategy’s business model will continue to impact its creditworthiness. On the S&P Global Ratings scale, a B- rating is below investment grade (BBB-) and is classified as speculative. This means that the company’s securities are not included in the list recommended for conservative investors.
Risk Assessment and Impact on the Digital Asset Market
“This is a high-yield sector. Currently, the company is able to service its debt, but it is vulnerable to shocks. According to S&P, issuers with a B rating have a default risk of about 15% over five years,” stated Matthew Siegel, head of digital asset research at VanEck.
Despite receiving a low credit rating, the company considers the mere fact of being assigned a rating to be a significant achievement. It is officially noted that this contributes to the legitimization and acceptance of both the company and Bitcoin in the U.S. financial market, as large institutional investors can only invest in securities that have a rating from a reputable agency.
Experts at S&P Global Ratings have also assigned a stable outlook to Strategy’s bonds, noting effective management of raised capital in previous periods. A similar B- rating was given to Sky Protocol (formerly MakerDAO), which, according to the agency’s specialists, also remains vulnerable to risks associated with low liquidity and volatility in the cryptocurrency market.
It is worth noting that the last time Strategy made a public purchase of Bitcoin was at the end of September 2025, after which the company temporarily halted regular investments due to increased market turbulence.