S&P Global Ratings maintains a stable outlook for Strategy Inc., despite its heavy reliance on Bitcoin reserves and poor operating cash flow, which produce nearly all pre-tax profit from asset revaluation.
S&P Global Ratings reaffirmed its B- credit rating for Strategy Inc., formerly MicroStrategy, with a stable outlook. The rating reflects significant reliance on Bitcoin holdings, negative risk-adjusted capital, and weak operating cash flow. In the first half of 2025, 99% of the company’s pre-tax profit came from changes in the fair value of its Bitcoin reserves. Strategy Inc. holds 640,808 BTC, acquired through stock and debt financing, and remains exposed to cryptocurrency volatility despite no major debt maturities expected until 2028.