Strategy Seeks Rating Upgrade Amid Bitcoin Treasury Gains

Strategy, the largest corporate holder of Bitcoin, has been building its balance sheet to improve its credit rating. The company's S&P rating currently stands at B- with a stable outlook.

The key factors that could boost Strategy's rating include higher liquidity, reduced debt levels, and increased access to capital markets. According to Chaitanya Jain, the head of investor relations at Strategy, the company's dollar liquidity has jumped from $54 million on September 30, 2025, to $6.54 billion as of September 7.

Strategy has also reduced its convertible debt by $1.5 billion, which was achieved through the repurchase of $1.38 billion worth of 0% convertible senior notes due 2029 at an 8% discount on face value.