Part 7/15:
The credit rating models were designed decades ago, tailored to evaluate companies with physical assets, opaque leverage, and reliance on fiat debt rollover. These models emphasize leverage ratios, cash flow stability, sector diversification, and asset concentration—criteria that are ill-suited to digital assets like Bitcoin.
Strategy defies the old paradigm: it minimizes unnecessary sector diversification, focuses on a single, highly valuable asset, and maintains a capital structure that is transparent and overcollateralized. Its Bitcoin holdings act as a dynamic, liquid reserve that can withstand significant market shocks—something traditional models fail to grasp.