Strategy Received a Low Credit Rating From S&P Global Ratings

• S&P Global assigned Strategy a credit rating of B-.
• This category of corporate securities is not included in the list of recommended securities and is speculative.
• Nevertheless, Strategy and the community consider the rating an achievement.

Strategy (formerly MicroStrategy) was assigned a credit rating of B- by S&P Global Ratings. Such an assessment in the organization explained the risks of the business model and limited dollar liquidity.

Recall, S&P Global Ratings has a scale for evaluating counterparties depending on their creditworthiness — from AAA (extremely high) to D (default), according to the official website.

For example, stocks and bonds rated BBB- are the lower end of the investment category. Anything below that grade is considered a speculative asset.

According to the release, the B- rating in Strategy’s case is due to a number of factors. These include the narrow focus of the business, the high concentration of bitcoins in the portfolio, and low dollar liquidity.

This rating reflects the imbalance in assets, the company’s lack of cash flow from operations and its vulnerability to cybersecurity threats. That said, the specifics of Strategy’s business model will continue to influence its valuation going forward, S&P Global Ratings emphasized.

Despite the low grade, the mere fact that Strategy has received a credit rating from a major agency at the company is considered a great achievement. It also contributes to the acceptance of both the firm and bitcoin in general, as in the US, large institutional investors cannot invest in counterparty securities without a rating.

At the same time, experts at S&P Global Ratings assigned a stable outlook to Strategy’s bonds, noting the company’s success in managing the capital raised earlier.

The counterparty Sky Protocol (formerly MakerDAO) received a similar rating, namely B-. Like Strategy, according to credit agency experts, this organization is also exposed to risks associated with low liquidity and volatility of the crypto market.

Note that Strategy’s last public bitcoin purchase was at the end of September 2025. After that, the firm suspended regular investments due to market turbulence.