BlockBeats news, on October 28, S&P Global Ratings has assigned a credit rating of “B-” to the largest Bitcoin treasury company, Strategy, categorizing it as speculative, non-investment grade (commonly referred to as “junk bonds”)—but also pointed out that the outlook for this Bitcoin treasury company remains stable. In a report released on Monday, S&P stated: “We believe that Strategy's high Bitcoin concentration, single business structure, weak risk-adjusted capital strength, and insufficient dollar liquidity are all weaknesses in its credit profile.” It is reported that Strategy has accumulated a reserve of 640,808 Bitcoins through equity and debt financing. S&P noted that the stable rating outlook assumes that the company will prudently manage convertible bond maturity risks and maintain preferred stock dividend payments, which may require further debt issuance to achieve. S&P Global also emphasized that Strategy faces “inherent currency mismatch risks”—as all its debt is denominated in dollars, while a significant portion of its dollar reserves is used to support the company's software business, which is currently roughly at breakeven in terms of revenue and cash flow.
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