Bitcoin Magazine S&P Assigns ‘B-’ Rating to Strategy (MSTR), Citing Bitcoin Exposure and Liquidity Risk

S&P Global Ratings assigned a ‘B-’ issuer credit rating to bitcoin-juggernaut Strategy, reflecting the company’s heavy concentration in bitcoin and limited dollar liquidity. The outlook is stable.

S&P said the rating reflects Strategy’s “high bitcoin concentration, narrow business focus, weak risk-adjusted capitalization, and low U.S. dollar liquidity.” The company reported $8.1 billion in pre-tax earnings in the first half of 2025, almost entirely from appreciation in the value of its bitcoin holdings.

The firm said in their release that while Strategy’s balance sheet is dominated by bitcoin, its management has prudently staggered debt maturities and maintained flexibility by financi

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