S&P Global has assigned a "B-" issuer credit rating to Strategy due to its high business concentration and the risks of a mismatch in capital structure and Liquidity.

According to Mars Finance news, on October 28, the official announcement from S&P Global Ratings today granted a “B-” issuer credit rating to Strategy Inc (formerly MicroStrategy Incorporated), with a stable outlook. This rating is based on the following key factors: · High business concentration: The company has essentially become a Bitcoin reserve platform, with its traditional software business (providing AI enterprise analytics services) being insignificant in scale. · Capital structure risk: The calculated risk-adjusted capital (RAC) is significantly negative, primarily due to the deduction of Bitcoin assets when calculating the adjusted common equity. · Liquidity mismatch: The company holds a large amount of Bitcoin (with total adjusted capital being negative as of the second quarter of 2025), but debt interest, preferred stock dividends, etc., must be paid in US dollars. · Operating cash flow scarcity: The operating cash flow for the first half of 2025 was -37 million USD, with over 99% of the pre-tax profit of 8.1 billion USD coming from the fair value changes of Bitcoin.