Part 3/15:
S&P’s decision to assign a “junk” rating to Strategy—arguably the most solvent company holding Bitcoin—is emblematic of a deeper disconnect. The agency pointed out high Bitcoin concentration, narrow business focus, weak risk-adjusted capital, and low dollar liquidity as weaknesses. Yet, they overlook the fact that Strategy is sitting on a highly appreciating, liquid, and transparent asset, with no imminent debt maturities, and a flexible collateral structure grounded in the global blockchain.