S&P Global Ratings has assigned a B- credit rating to Strategy (formerly MicroStrategy). This rating places the company’s debt in the speculative category, meaning it falls below the investment-grade threshold. Despite this, both Strategy and members of the crypto community consider the rating a notable milestone.
The agency cited several factors contributing to the assessment, including the company’s concentrated business model, significant Bitcoin holdings, and limited dollar liquidity. These elements expose Strategy to market volatility and operational risks, including potential cybersecurity threats.
S&P highlighted that while the company currently maintains the ability to service its debt, entities with a B rating have roughly a 15% probability of default within five years. The report also noted that the company’s unique business model will continue to influence its credit evaluation in the future.
Analysts emphasized that obtaining a formal credit rating enhances institutional acceptance, particularly in the U.S., where large investors often cannot allocate capital to unrated counterparties. Previously, S&P had also assigned a B- rating to Sky Protocol (formerly MakerDAO), reflecting similar concerns over liquidity and market volatility.
Strategy’s latest public Bitcoin purchase occurred in late September 2025, after which the company temporarily paused regular acquisitions due to market turbulence. Despite the speculative rating, the firm’s stable outlook reflects confidence in its capital management and prior performance.
Bottom line: While the B- rating underscores certain financial and operational risks, it also marks progress toward broader institutional recognition of both Strategy and Bitcoin.
