Strategy (MSTR) Rated ‘B-’ By S&P After $8.1B Bitcoin Gains
S&P Global Ratings gave Strategy a stable ‘B-’ rating, citing its heavy Bitcoin exposure and limited dollar liquidity.
The rating reflects Strategy’s “high bitcoin concentration, narrow business focus, weak risk-adjusted capitalization, and low U.S. dollar liquidity.”
Strategy’s balance sheet is dominated by bitcoin, its management has prudently staggered debt maturities and maintained flexibility by financing primarily with equity.
- Pre-tax earnings: $8.1 billion in the first half of 2025
- Main source of earnings: appreciation in the value of its bitcoin holdings
Author's summary: Strategy gets a 'B-' rating from S&P due to heavy Bitcoin exposure.