Catenaa, Tuesday, October 28, 2025- S&P Global Ratings assigned a B-minus credit rating to Strategy Inc., the bitcoin-treasury company formerly known as MicroStrategy, placing it in junk-bond territory amid persistent exposure to cryptocurrency market risks.
The agency cited the company’s balance sheet being “overwhelmingly tied” to bitcoin, with limited dollar liquidity and negative risk-adjusted capital. It warned that while Strategy can currently service its debt, it remains vulnerable to sharp market shocks.
S&P said the firm’s structure creates a currency mismatch, as most assets are held in bitcoin while its obligations are denominated in US dollars.
The rating mirrors that of Sky Protocol, a stablecoin issuer rated B-minus in August, grouping both entities as high-risk crypto-linked issuers facing liquidity and volatility pressures.
Despite the speculative grade, TD Cowen analysts maintained a “Buy” rating and a $620 price target for Strategy shares, suggesting a potential 114% upside.
Analysts forecast the company could hold nearly 900,000 bitcoin by 2027, equivalent to more than 4% of the total supply, as traditional finance increasingly integrates bitcoin.
Strategy, which became profitable in 2024, disclosed on Monday the purchase of 390 bitcoin for $43.4 million, bringing total holdings to 640,808 BTC worth about $74 billion.
The firm remains the largest public holder of bitcoin, ahead of Marathon, Twenty One Capital, and Metaplanet.
