S&P Global Ratings assigned Strategy Inc., formerly MicroStrategy, a B- issuer credit rating, citing concerns over the company's Bitcoin-focused business model. Strategy holds 640,808 Bitcoins valued at approximately $74 billion, making it the largest corporate Bitcoin holder globally. The rating agency highlighted currency mismatch between the firm's Bitcoin assets and its U.S. dollar-denominated debt obligations as a primary risk factor. Strategy maintains roughly $8 billion in outstanding convertible debt and owes more than $640 million annually in preferred dividends.