Strategy is publicly urging S\u0026P Global Ratings to reconsider the B- issuer credit rating assigned to the Bitcoin treasury company after reporting major improvements in its dollar liquidity, leverage and access to capital markets. S\u0026P has not announced an upgrade or a formal review. The next formal development would be an announcement from S\u0026P on whether it will review or change the rating; until then, Strategy’s reported figures represent its case for reconsideration rather than a ratings action.

Chaitanya Jain, Strategy’s head of Bitcoin product and investor strategy, said several weaknesses identified when the rating was issued have since improved. S\u0026P assigned Strategy the B- issuer rating on Oct. 20, 2025, a significant step in institutional credit analysis of a Bitcoin treasury company. The B- rating falls within S\u0026P’s speculative-grade category, below the BBB- threshold for investment grade. It reflects S\u0026P’s assessment of Strategy’s overall ability to meet its financial obligations, rather than applying automatically to each individual security.

Strategy Cites Improvements in Liquidity and Leverage

Jain said Strategy has addressed the criteria that S\u0026P identified as potentially requiring a review of the rating. The company’s U.S. dollar cash reserves increased from $54 million in September 2025 to $6.4 billion by Sept. 4, 2026. According to Strategy, that liquidity is sufficient to cover interest and preferred dividends for more than four years without selling Bitcoin.

The company also reported a reduction in its debt burden. Convertible debt declined from $8.21 billion in the third quarter of 2025 to $6.71 billion currently, while net debt fell from $8.16 billion to $174 million.

Jain further said Strategy continues to have strong access to capital markets. The company raised $21 billion through common and preferred equity offerings between January and August 2026. Continued access to the capital markets was among the conditions highlighted in S\u0026P’s report.

Strategy Reports More Than 172,000 BTC Acquired in 2026 Bear Market

Jain also noted that Strategy has acquired more than 172,000 BTC so far during the 2026 bear market, compared with the 8,109 BTC it purchased during the 2020 market. The figures reflect the company’s increased capital base and its stated conviction in Bitcoin.

Bitcoin, meanwhile, has returned to $77,000 after falling almost 2% during the day. BTC is down nearly 5% over the past seven days after trading above $80,000. The decline means the asset has not established a stable price floor above that level.

Analysts have said Bitcoin must trade above $83,000 for a Bitcoin bull market to be confirmed. The latest decline comes as uncertainty returns to broader markets. The US-Iran conflict has intensified again, pushing oil prices above $100 for the first time in months.

U.S. inflation data are also being released, with some figures supporting speculation that the U.S. Federal Reserve could raise interest rates. The U.S. producer price index rose slightly in August and is up 5.4% from a year earlier.

Despite Bitcoin’s range-bound trading, some stakeholders remain bullish on its long-term prospects. Coinbase CEO Brian Armstrong believes Bitcoin could still reach $400,000 by 2030.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and equity markets remain highly volatile. Readers should conduct independent research before making investment decisions.

Source: The Market Periodical