S&P Global Ratings announced on October 27, 2025, that it has set the issuer credit rating of Strategy Inc (formerly MicroStrategy Incorporated) at "B-", with a "stable" rating outlook. The report pointed out that the company mainly uses the issuance of stocks and convertible bonds to finance the holding of Bitcoin. At present, the company has a high concentration of business, low USD liquidity, and a fragile capital structure, but it has a strong ability to finance in the capital market. S&P believes that its asset structure leads to a currency mismatch risk between Bitcoin and USD, and the risk-adjusted capital (RAC) is negative, and the operating cash flow is still negative. The company's main income comes from the appreciation of Bitcoin prices.