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BTC Strategy builds formal complaint to get rid of S & P's BB-rated junk bond rating
As the world's largest publicly traded Bitcoin reserve company, Strategy is building a formal complaint to seek relief from S&P Global's BB-rated junk bond rating. The company noted that its balance sheet has improved significantly in the past 11 months.
Chaitanya Jain, head of investor relations at Strategy, said on September 10 that the company has strengthened its financial position on all three potential upgrade paths previously identified by S & P's Global Ratings: US dollar liquidity, convertible debt and Capital market access under pressure from the Bitcoin market.
Renewed balance sheet
The data cited by Jain is eye-catching. As of September 7, the company's dollar liquidity reached US$6.54 billion, a significant jump from US$54 million approximately 11 months ago. In addition, the company reduced its convertible debt burden by approximately $1.5 billion through repurchase operations, reducing net debt from $8.16 billion to approximately $174 million.
Improving liquidity is part of broader capital accumulation efforts. Jain said that between January and August this year, the company raised a total of US$21 billion through common stock and preferred stock, and successfully obtained funding every month during this period.
It is worth noting that during this period, Bitcoin prices fell more than 30%, and once fell below the US$60,000 mark, but investor demand remained strong. This directly responds to S & P's core concerns about Strategy's continued ability to obtain funding during depressed markets.
Standard & Poor's maintained its BB-issuer credit rating on Strategy in December 2025 with a stable outlook, after the rating was first awarded in October of the same year. This rating is six grades lower than the minimum investment grade threshold BBB-.
When initially awarding the rating, Standard & Poor's noted that Strategy's balance sheet is highly tied to Bitcoin, and that low dollar liquidity and negative risk adjusted capital outweigh its advantages in capital market access and prudent debt management.
S & P has not yet taken action
S & P has not taken new rating action since the latest balance sheet changes, and Jain cautiously refrained from predicting this. The time window is becoming increasingly tight: Standard & Poor's said in October 2025 that upgrades were unlikely in the next 12 months, and this period will last until late October 2026.
The key risks currently exist are at the structural level. Strategy holds almost all of its assets in Bitcoin, while its debt and dividend obligations are denominated in U.S. dollars. This currency mismatch means that the company's financial situation is still closely correlated to the Bitcoin price. Any significant decline in bitcoin prices could quickly erode the liquidity buffer Strategy has built over most of 2026.
For now, companies are letting data speak for their arguments. Whether S & P will reach an agreement before the 12-month window closes remains to be seen.
