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The Paradox of the Bitcoin Treasury: S&P’s Junk Rating Reveals a Disrupted Financial Paradigm

Introduction: A Shocking Rating from Legacy Institutions

In a groundbreaking event, S&P Global has assigned a B minus credit rating—commonly considered junk—to Strategy Inc., the world’s first Bitcoin treasury company. Holding approximately 640,000 Bitcoin — valued at roughly $74 billion at current prices — against $8 billion in debt, Strategy’s balance sheet embodies a new kind of corporate strength rooted in digital asset reserves. Yet, despite the company’s formidable financial position, the rating agency labeled it risky, citing high Bitcoin concentration as a weakness.