A quiet but historic moment has unfolded, which may reshape how traditional markets value digital assets like Bitcoin.

For the first time, a major global rating agency has evaluated a company whose borrowing model is directly tied to BTC.

On Oct. 27, S&P Global Ratings assigned Strategy Inc. (MSTR) a “B-” rating with a Stable outlook.

Speaking on this, Mathew Sigel, the head of digital asset research at VanEck, said:

“That’s high-yield territory. Able to service debt for now, but vulnerable to shocks. “

Nonetheless, the rating marks a recognition of the firm’s debt structure and the role of Bitcoin as legitimate collateral within the global credit system.

In doing so, S&P placed Bitcoin on the same analytical map as corporate debt, sovereign bonds, and commodities-backed loans. This transforms what was once a theoretical concept into a rated financial reality.

Risk or Opportunity?

Meanwhile, S&P’s methodology views Bitcoin primarily as a source of volatility rather than capital.

The firm cited Strategy’s “heavy reliance on Bitcoin”, “thin capitalization,” and “fragile dollar liquidity” as reasons for the speculative-grade classification.

However, crypto analysts disagree with that interpretation, arguing that the model misjudges Bitcoin’s liquidity and structural resilience.

Unlike traditional corporate reserves, BTC can be converted instantly, across jurisdictions, and without banking intermediaries.

Jeff Park, chief investment officer at ProCap BTC, argued that S&P’s model undervalues Bitcoin’s liquidity and independence from the banking system.

According to him:

“Treating Bitcoin as NEGATIVE capital ignores its incredible liq

Go to Source to See Full Article
Author: Oluwapelumi Adejumo