Strategy, the largest corporate Bitcoin holder, is actively working to improve its S&P credit rating, currently at B- with a stable outlook. Since being assigned in October 2025, the rating remains six notches below investment-grade BBB-. To secure an upgrade, the company is boosting its dollar liquidity, limiting debt risks, and maintaining capital market access. Chaitanya Jain, head of investor relations, recently confirmed progress on all three fronts. The company’s dollar liquidity has surged from $54 million on Sept. 30, 2025, to $6.54 billion as of Sept. 7, 2026, primarily from a $5.10 billion USD Reserve and $1.44 billion in cash. Additionally, Strategy reduced its convertible debt by repurchasing $1.5 billion in notes at a discount. This cash buffer can now support interest and preferred stock costs for about four years without needing to sell any Bitcoin.
Strategy, the largest corporate Bitcoin holder, is strengthening its finances to boost its S&P rating above the current B- grade. S&P Global Ratings confirmed the B- rating with a stable outlook in December 2025, an rating first assigned in October 2024. The grade remains six notches below investment-grade BBB-.
The company has developed a larger dollar cash buffer, limited its debt risk, and kept access to capital markets. These are the three points S&P noted as key for a potential upgrade, as stated.
The company’s dollar liquidity jumped from $54 million to $6.54 billion between Sept. 30, 2025, and Sept. 7, 2026. This buffer can cover interest and preferred stock costs for about four years without selling Bitcoin.
The convertible debt has also fallen, which further support the working credit profile. In May, Strategy repurchased $1.5 billion of 0% convertible senior notes due 2029, paying roughly $1.38 billion at an 8% discount. Net debt relative to dollar liquidity dropped from $8.16 billion after Q3 2025 to around $174 million.
Despite these improvements, the company still faces challenges. Strategy generated $21 billion from equity between January and August 2026. “The most important change that has contributed to the Strategy S&P rating is the huge rise in liquidity in terms of dollars,” the company stated.
This larger dollar cushion helps avoid a potential mismatch between Bitcoin assets and dollar-denominated liabilities. The rating agency noted that a sharp Bitcoin decline could force the company to sell coins at unfavorable rates. S&P upgrade will ultimately depend on Strategy maintaining this financial discipline.
