温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/zh/59263.html
点击访问原文链接

S&P gives Strategy a B- rating. Why is the leading DAT considered junk by institutions? | Bee Network

进入原网站 导航首页
S&P gives Strategy a B- rating. Why is the leading DAT considered junk by institutions? | Bee Network Login 熱門新聞 Meme Launchpad AI 代理商 DeSci 熱門鏈瀏覽器 新人必讀 衝百倍幣 蜜蜂遊戲 必備網站 必備APP 必關大神 DePIN 新人必備 教我避坑 基本工具 深度網站 交易所 NFT 工具 你好， 登出 Web3宇宙 遊戲 DApp 蜂巢 增長平台 生態 搜尋 英語 Coins儲值 登入 下載 Web3大學 遊戲 DApp 蜂巢 生態 家•分析•S&P gives Strategy a B- rating. Why is the leading DAT considered junk by institutions? S&P gives Strategy a B- rating. Why is the leading DAT considered junk by institutions?分析4 個月前更新懷亞特 17,519 19 Author｜Azuma ( @azuma_eth )

On October 27, Eastern Time, S&P Global rated Bitcoin Treasury Strategy (formerly Microstrategy, stock code MSTR) for the first time.

Embarrassingly, as the absolute leader in the DAT field, Strategy only received an issuer credit rating of B- – in other words, in the eyes of S&P, Strategy is a “junk” with an extremely high risk of default.

S&P and its rating system S&P, Moody’s and Fitch are known as the world’s three major rating agencies and are currently recognized as one of the most authoritative credit rating agencies in the international financial market.

According to S&P, its credit ratings primarily reflect its forward-looking opinion on the creditworthiness of the issuer and its debt, typically focusing on analyzing the issuer’s ability and willingness to fulfill its financial commitments. Creditworthiness encompasses a variety of factors, including the likelihood of default, potential external support, repayment priorities, and recovery rates.

S&P usually has ten main grades for long-term credit ratings, from high to low: AAA, AA, A, BBB, BB, B, CCC, CC, C, D. Except for AAA and CC and below, each grade can also be fine-tuned using the “+” or “-” symbol to indicate different high and low levels under the same grade.

It is generally believed that the two sub-grades of BBB- and BB+ are regarded as a dividing line. BBB- and above belong to “Investment Grade”, while BB+ and below belong to “Speculative Grade”, or more bluntly, “Junk Bond”.

Obviously, the B- that Strategy got is still some distance away from BB+…

Why does S&P not approve the Strategy? In its rating 文章 for Strategy, S&P detailed the reasons for giving it a B- rating.

In S&P’s view, Strategy has problems such as excessive business concentration, a large proportion of Bitcoin holdings, insufficient US dollar liquidity, and extremely weak risk-adjusted capital. Although the company has strong financing capabilities in the capital market and prudently manages its capital structure, it is not enough to offset the above negative impacts. After comprehensive consideration, it gave a judgment of B-.

S&P highlighted that Strategy’s Bitcoin strategy creates a natural currency mismatch—it holds a significant amount of Bitcoin (a long position) while its debt and dividend obligations are denominated in US dollars (a short position). Strategy faces debt maturities, interest payments, and preferred stock dividends in US dollars, yet its primary asset is Bitcoin. While Strategy maintains a certain amount of US dollar holdings on its balance sheet, this is primarily used to support operating expenses for its software business, with any remaining cash invested in Bitcoin.

Furthermore, S&P’s treatment of Bitcoin assets in its risk-adjusted capital (RAC) calculation resulted in Strategy’s negative RAC, a key factor contributing to its negative assessment of its capital and profitability. S&P explained that it deducted Bitcoin assets from equity when calculating adjusted common equity because it believes Bitcoin carries significant market risk uncorrelated with traditional market risks. Given that the majority of Strategy’s assets are in Bitcoin and that its holdings are expected to continue to grow, it believes capital issues will remain a major weakness for the company.

S&P also noted that Strategy’s operating cash flow was negative $37 million in the first six months of 2025. The company’s primary source of profit is the appreciation in the value of its Bitcoin holdings, which generate no cash flow, while its software business is roughly flat in terms of earnings and operating cash flow. S&P believes this situation is unlikely to change in the foreseeable future.

At the end of the rating, S&P also added the possibility of adjusting the rating of Strategy.

Over the next 12 months, the rating could be downgraded if:

Strategy’s ability to raise capital from the capital markets is hampered (whether due to a significant decline in Bitcoin’s valuation or for other reasons); We believe the company faces increased risk in managing the maturities of its out-of-the-money convertible bonds. An upgrade of the rating is unlikely in the next 12 months. In the long term, an upgrade of the rating is possible in the following circumstances:

Strategy Company significantly improved US dollar liquidity; Reduce the use of convertible bonds; Even when the Bitcoin market is under pressure, it can still maintain strong capital market financing capabilities. Strategy and market response Regarding the obviously negative rating result given by S&P, Strategy is quite optimistic.

Strategy founder Michael Saylor generously forwarded the relevant news on his personal X account and celebrated that “Strategy became the first digital asset treasury company to be rated by a mainstream credit rating agency.”

However, some financial institutions that are deeply involved in the 加密貨幣currency field are not satisfied with S&P’s rating.

Matthew Sigel, head of digital asset research at VanEck, said that although Strategy’s business model is indeed vulnerable to shocks (currency price fluctuations), the company’s current debt repayment ability is not a problem .

Bitwise consultant Jeff Park’s opinion is more direct. He believes that S&P’s RAC calculation method for Strategy is unreasonable . Strategy’s core business is to hoard coins for appreciation, and there is no reason to deduct Bitcoin assets from equity.

In short, even though cryptocurrencies have begun to gradually integrate into the traditional financial world, there are still many frictions surrounding issues such as accounting methods and rating processing, and these contradictions will take longer to collide and resolve.

What is worth celebrating now is that Digital Asset Treasury has opened the door to mainstream rating agencies, as obtaining a rating is usually a necessary step for many pension funds and other institutional investors to enter the investment market. Although Strategy is currently rated “junk”, there is still a potential possibility of an upward adjustment, which may be an opportunity to attract more new funds to enter the market.

本文源自網路： S&P gives Strategy a B- rating. Why is the leading DAT considered junk by institutions?Recommended Articles

Related: Complete market review and order placement within two minutes. How does Pump.fun live streaming reshape the trading scen Author | Ethan ( @ethanzhang_web3) In recent days, the popularity of “Pump.fun Live Broadcast” has continued to rise. On September 14th, co-founder Alon stated on X that the platform’s concurrent live streams had surpassed Rumble, reaching a market share approaching 1% of Twitch and approximately 10% of Kick. Simultaneously, the underlying mechanism underwent a structural overhaul : Project Ascend changed creator commissions from a flat 0.05% to a dynamic rate based on market capitalization—a maximum of 0.95% for small-cap creators, falling back to 0.05% as they scale. This seamlessly connects the “attention → transaction volume → streamer income” chain. On September 16th, the PUMP platform announced that “over $4 million was distributed to creators yesterday, the majority going to first-time creators,” prompting a surge in “first-time streamers” testing the waters.…

#分析#比特幣# 加密#市場© 版權聲明文章版权归作者所有，未经允许请勿转载。 上一篇 Crypto Stock Weekly Report: American Bitcoin Corp, a Bitcoin mining company backed by the Trump family, increased its ho 下一篇 155 Altcoin ETFs Await Approval: Can Institutional Funds Awaken the "Sleeping Bull Market"? 相關文章 BitMart Capital-Protected Copy Trading: Principal Protection Embedded in Contract Rules 6086cf14eb90bc67ca4fc62b 7,661 Folius Ventures創辦人解釋VC幣和分組項目：為什麼劣幣驅逐良幣？ 6086cf14eb90bc67ca4fc62b 41,546 1 From blockchain to business: Unlocking crypto-friendly businesses beyond Tesla and MicroStrategy 6086cf14eb90bc67ca4fc62b 41,586 3 CME Gaps: A Misunderstood Market “Clock,” Not a Prophecy 6086cf14eb90bc67ca4fc62b 7,189 1 星球日報 |拜登預計聯準會將繼續降息； Binance歷史交易量突破 6086cf14eb90bc67ca4fc62b 40,507 2 新的Institutional adoption isn’t about building up, it’s about sucking Crypto dry 6086cf14eb90bc67ca4fc62b 3,712 1 暫無評論 您必須先登入才能發表評論！ 立即登入 暫無評論... 最新的文章 Did Jane Street “Manipulate” BTC? Decoding the AP System, Understanding the Power Struggle Behind ETF Creation and Redemption Pricing 19 小時前 590 Stop Comparing Bitcoin to Gold—It’s Now a High-Volatility Software Stock 19 小時前 670 Matrixport Research: $25 Billion Gamma Unwinding Imminent, Liquidity Yet to Return Behind the Rebound 19 小時前 611 ERC-5564: Ethereum’s Stealth Era Has Arrived, Receiving Addresses No Longer ‘Exposed’ 19 小時前 535 Hong Kong Regulatory Green Light: Asseto Enables DL Holdings to Achieve Compliance for Two RWA Business Implementations 19 小時前 602 熱門網站TempoLighterGAIB滑翔機普朗克雷爾斯BCPokerVooi Bee.com 全球最大的 Web3 入口網站 合作夥伴 CoinCarp Binance CoinMarketCap CoinGecko 幣活 盔甲 下載Bee Network APP開啟您的Web3之旅 白皮書 角色 常問問題 © 2021-2026.版權所有。. 隱私政策 | 服務條款 下載蜜蜂網路APP 並開始 web3 之旅 全球最大的Web3入口網站 合作夥伴 CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors 白皮書 角色 常問問題 © 2021-2026.版權所有。. 隱私政策 | 服務條款 搜尋 搜尋站內鏈上社群媒體新聞 熱門推薦： 擼毛打金 數據分析 必關大神 教我避坑 繁體中文 English 简体中文 日本語 Tiếng Việt العربية 한국어 Bahasa Indonesia हिन्दी اردو Русский 繁體中文

智能索引记录