Strategy has strengthened the balance-sheet measures S&P Global Ratings identified as potential paths toward an upgrade of its B- issuer credit rating. Dollar liquidity rose to $6.54 billion as of Sept. 7 from $54 million on Sept. 30, 2025, providing about four years of capacity for interest and preferred-dividend payments without selling Bitcoin, according to Chaitanya Jain, the company’s head of investor relations. Convertible debt fell to $6.71 billion after a $1.5 billion repurchase of 0% notes due 2029, while net debt relative to dollar liquidity declined from about $8.16 billion to roughly $174 million. Strategy also raised about $21 billion in common and preferred equity from January through August, including capital raised every month despite a Bitcoin decline of more than 30%. S&P affirmed the B- rating with a stable outlook in December 2025, but Strategy remains six notches below investment grade, holds 845,050 BTC and remains exposed to Bitcoin concentration risk. No new rating action has been announced, and any upgrade remains S&P’s decision.