A quiet but historic moment has occurred that could change the way traditional markets value digital assets like Bitcoin.
For the first time, a major global rating agency has evaluated a company whose lending model is directly linked to BTC.
On October 27, S&P Global Ratings assigned Strategy Inc. (MSTR) has a “B-” rating with a stable outlook.
Mathew Sigel, head of digital assets research at VanEck, said: said:
“That is high-yield territory. Able to service debt for the time being, but vulnerable to shocks.”
Nevertheless, the rating marks a recognition of the company’s debt structure and Bitcoin’s role as legitimate collateral within the global credit system.
In doing so, S&P placed Bitcoin on the same analytical map as corporate debt, government bonds and commodity-backed loans. This transforms what was once a theoretical concept into an assessed financial reality.
Risk or opportunity?
Meanwhile, S&P’s methodology views Bitcoin primarily as a source of volatility and not as capital.
The company cited Strategy’s “heavy dependence on Bitcoin,” “thin capitalization,” and “fragile dollar liquidity” as reasons for the speculative level classification.
However, crypto analysts disagree with this interpretation and argue that the model misjudges Bitcoin’s liquidity and structural resilience.
Unlike traditional corporate reserves, BTC can be converted instantly, in all jurisdictions, and without bank intermediaries.
Jeff Park, Chief Investment Officer at ProCap BTC, argued that S&P’s model undervalues Bitcoin’s liquidity and independence from the banking system.
According to him:
“Treating Bitcoin as NEGATIVE capital ignores its incredible liquidity, independence from the rest of the financial system and all its hedging properties.”
Park argued that accounting and tax frameworks are already catching up with this reality. Thanks to the Financial Accounting Standards Board’s ASC 820 rule, companies can now mark Bitcoin at fair value.
At the same time, the U.S. Treasury Department’s CAMT guidelines allow companies to exclude unrealized gains or losses from minimum tax calculations.
He noted:
“RAC is the last loner of the three administrative bodies that are illogically orphaned.”
How does the rating affect Bitcoin?
Credit ratings are the gatekeepers of global finance. They determine how $130 trillion of fixed income capital, consisting of pension funds, insurers and sovereign wealth portfolios, distributes risk.
So a one-letter upgrade or downgrade can divert billions in capital flows overnight.
Until this month, Bitcoin had no place in that ecosystem. Most regulated investors are prohibited from holding unclassified assets, leaving BTC’s exposure largely to stocks or ETFs.
However, S&P’s evaluation of Michael Saylor’s Bitcoin-focused company changes that framework.
This reclassification opens a narrow but important channel for this category of investors.
Institutional investors limited by their mandate can now gain indirect Bitcoin exposure through the rated debt of a Bitcoin-backed issuer.
While these funds may never directly own BTC, they can hold bonds tied to it, providing an entry point that anchors Bitcoin into the architecture of global credit.
So if just 1% of the global bond market were to focus on Bitcoin-linked instruments, that would translate into potential inflows of roughly $1.3 trillion. Notably, this is more than twice the market cap of Ethereum and larger than the GDP of Mexico.
Moreover, the implications extend beyond Strategy’s financing costs.
The rating represents BTC’s first reference within the credit hierarchy and indicates that the asset is entering the core of the structured finance sector.
As a result, three systemic effects follow:
- First, Bitcoin is climbing the collateral ladder, joining gold and investment grade bonds as acceptable security for loans and structured products.
- Second, institutional suitability is expanding: pension funds and credit vehicles can justify exposure to BTC-backed instruments under existing regulatory mandates.
- Third, regulatory integration is accelerating as rating methodologies inform Basel-aligned risk weight frameworks, allowing Bitcoin exposure to be quantified rather than disqualified.
Together, these dynamics change Bitcoin’s behavior. Instead of trading solely on speculative momentum, it begins to attract duration-based capital, that is, yield-seeking money that stabilizes government bond markets.
In this sense, S&P’s ‘B-‘ designation is less about Strategy’s solvency than about Bitcoin’s functional recognition as collateral. It marks the point at which volatility is reflected in yield spreads rather than sentiment.
As more rated issuers emerge, BTC will build a credit history that agencies can model and investors can price.
Over time, the world’s first ‘Bitcoin yield curve’ could emerge, allowing the asset to be traded as digital gold and as a measurable, assessed part of the global credit system.
