PANews reported on October 28th that S&P Global Ratings has assigned Strategy (formerly MicroStrategy) a junk credit rating, citing several weaknesses, including high cryptocurrency concentration, narrow business scope, weak risk-adjusted capitalization, and insufficient U.S. dollar liquidity. The ratings company stated in a statement on Monday that it is rated B-, six notches below investment grade, with a stable outlook. In a post on X, company co-founder Michael Saylor noted that this is the first credit rating received by a Bitcoin asset company in the past five years.

S&P credit analysts noted that Strategy holds approximately $74 billion in Bitcoin with a fair value, acquired with proceeds from debt and equity issuance. While S&P commended the company's "prudent" management of convertible bonds, it expressed concern about the liquidity risk of its debt arrangements. Strategy has issued nearly $15 billion in convertible bonds and preferred stock, of which $5 billion are at-the-money convertible bonds, which will mature starting in 2028. The company will also have to pay more than $640 million in preferred stock dividends annually through October 2025. S&P highlighted the liquidity risks of the company's convertible bonds and preferred stock dividends, noting that Strategy's convertible bonds may mature at the same time as Bitcoin prices face pressure.