S&P awards first Bitcoin rating: Strategy with a stable outlook!

S&P awards first Bitcoin rating: Strategy with a stable outlook!

Bitcoin treasury firm Strategy (MSTR) recently received a credit rating of B- from S&P Global. This first official rating for a company specializing in Bitcoin was accompanied by a stable outlook assessment. S&P Global highlights that this rating reflects the firm's strong focus on Bitcoin, while recognizing the challenges of limited dollar liquidity and a capital structure highly exposed to cryptocurrency volatility. These factors could potentially pose risks to Strategy's long-term stability.

However, with strong access to capital markets, the company shows that it carefully manages its debt maturities and is therefore able to minimize liquidity risks. However, the reliance on Bitcoin as a treasury asset in particular brings with it unique risks. Strategy's capital position is also constrained by the treatment of Bitcoin in risk-adjusted calculations, which is challenging given its negative operating cash flow and revenues almost exclusively from BTC appreciation.

Current developments and strategies

Recent developments include the acquisition of an additional 390 BTC for approximately $43.4 million, which translates to a price of approximately $111,053 per Bitcoin. As of October 26, 2025, Strategy now holds a total of 640,808 BTC, purchased for approximately $47.44 billion at a price of approximately $74,032 per Bitcoin. The current Bitcoin price is $113,966, up 3% over the last week. Michael Saylor, the founder and chairman of Strategy, shared this information via Platform X, clarifying his company's ongoing investment strategy.

However, the challenges of managing Bitcoin as a primary asset remain. The company's valuation shows that Strategy has a robust plan in place to address these challenges, although the negative operating cash flow and associated risks cannot be ignored. Despite these difficulties, the company has historically resorted to equity and debt issuances to meet its financial needs.

Considering the unique risks associated with focusing on Bitcoin, an interesting picture emerges of Strategy and its position in the digital currency market. While S&P Global's credit rating represents a first step forward for Bitcoin treasury firms, it remains to be seen how the company will fare in the highly volatile cryptocurrency landscape.