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.

On October 28th, according to official information, S&P Global Ratings declared today that it has bestowed a "B-" Issuer Credit Rating upon Strategy Inc (formerly MicroStrategy Incorporated), accompanied by a stable outlook. This rating is predicated on the following crucial elements: · Business Concentration: The company has essentially transformed into a Bitcoin reserve platform, while its traditional software business (which offers AI enterprise analytics services) is minuscule in scale. · Capital Structure Risk: The Risk-Adjusted Capital (RAC) assumes a substantial negative value, primarily due to the deduction of Bitcoin assets during the computation of adjusted common equity. · Liquidity Mismatch: The company holds a substantial amount of Bitcoin (as of the second quarter of 2025, the total adjusted capital is a negative value), yet debt interest, preferred stock dividends, etc., all need to be settled in U.S. dollars. · Operating Cash Flow Deficiency: The operating cash flow was -$37 million in the first half of 2025, and more than 99% of the pre-tax profit of $8.1 billion originated from the fair value change of Bitcoin.