S&P Global Ratings said Strategy’s high Bitcoin concentration and low US dollar liquidity, among other factors, are weaknesses for the firm. S&P Global Ratings has given Michael Saylor’s Strategy a ‘B-’ credit rating, placing it in the speculative, non-investment-grade territory — often referred to as a “junk bond” — although it said the Bitcoin treasury company’s outlook remains stable.“We view Strategy’s high bitcoin concentration, narrow business focus, weak risk-adjusted capitalization, and low US dollar liquidity as weaknesses,” the credit rating platform said in a review of Strategy on Monday.Strategy has accumulated its 640,808 BTC treasury mainly via equity and debt financing. The stable outlook assumes the company will prudently manage convertible debt maturities and maintain preferred stock dividends, potentially through additional debt issuance, it said.Read more S&P Global Ratings said Strategy’s high Bitcoin concentration and low US dollar liquidity, among other factors, are weaknesses for the firm. S&P Global Ratings has given Michael Saylor’s Strategy a ‘B-’ credit rating, placing it in the speculative, non-investment-grade territory — often referred to as a “junk bond” — although it said the Bitcoin treasury company’s outlook remains stable.“We view Strategy’s high bitcoin concentration, narrow business focus, weak risk-adjusted capitalization, and low US dollar liquidity as weaknesses,” the credit rating platform said in a review of Strategy on Monday.Strategy has accumulated its 640,808 BTC treasury mainly via equity and debt financing. The stable outlook assumes the company will prudently manage convertible debt maturities and maintain preferred stock dividends, potentially through additional debt issuance, it said.Read more