$70B in BTC, Still Spec-Grade: Why S&P Gave Strategy a B Minus
TL;DR, S&P assigned a speculative-grade B to the first bitcoin treasury company, despite roughly $70B in BTC holdings and negative adjusted capital. The rating highlights a critical “currency mismatch”: Strategy’s assets are in volatile Bitcoin, but its massive debt and $640M in annual dividend obligations are in U.S. dollars. Strengths include strong market…