S&P Global Ratings assigned a 'B-' issuer credit rating with stable outlook to Strategy Inc (formerly MicroStrategy Incorporated) on October 28, according to an official announcement. The rating reflects the company's transformation into essentially a Bitcoin reserve platform, with its traditional AI-powered enterprise analytics software business representing an insignificant portion of operations. S&P cited significant negative risk-adjusted capital due to Bitcoin asset deductions in adjusted common equity calculations, alongside liquidity mismatches as the company holds substantial Bitcoin while debt interest and preferred dividends require U.S. dollar payments. The firm reported negative operating cash flow of $37 million in H1 2025, with over 99% of its $8.1 billion pre-tax profit derived from Bitcoin fair value changes.