S&P Global Assigns Michael Saylor’s Strategy ‘B-’ in First-Ever Bitcoin Treasury Company Credit Rating, Says Firm’s Outlook Is Stable

The leading Bitcoin treasury company Strategy (MSTR) just received a B- credit rating from S&P Global.

S&P Global says that the firm has a stable outlook for Strategy in the S&P’s first-ever BTC treasury company credit rating.

According to S&P Global, the rating reflects a business model that’s tightly focused on bitcoin, with limited dollar liquidity and a capital structure that’s heavily exposed to crypto volatility.

While Strategy has strong access to capital markets and manages its debt maturities with care, its reliance on Bitcoin as a treasury asset introduces unique risks.

According to S&P’s research, Strategy’s capital position is constrained by how Bitcoin is treated in risk-adjusted calculations. Operating cash flow remains negative, and Strategy’s earnings are driven almost entirely by BTC appreciation. Liquidity risks persist, especially around convertible debt and preferred dividends, though the company has historically navigated these challenges through equity and debt issuance.

On the social media platform X, Strategy founder and chairman Michael Saylor says the firm has purchased even more BTC.

“Strategy has acquired 390 BTC for ~$43.4 million at ~$111,053 per bitcoin and has achieved BTC Yield of 26.0% YTD 2025. As of 10/26/2025, we hodl 640,808 $BTC acquired for ~$47.44 billion at ~$74,032 per bitcoin.”

BTC is worth $113,966 at time of writing, up 3% in the last week.

Featured Image: Shutterstock/Philipp Tur/Suri Sharma