S&P International Rankings has assigned Michael Saylor’s Technique a B- credit standing, classifying it as speculative or ‘junk bond’ standing.
The ranking displays considerations over the agency’s important bitcoin holdings, slender enterprise focus, weak risk-adjusted capitalization, and restricted US greenback liquidity.
S&P said in its overview:
“We view Technique’s excessive bitcoin focus, slender enterprise focus, weak risk-adjusted capitalization, and low US greenback liquidity as weaknesses.”
First S&P ranking for bitcoin treasury firm
This marks the primary time S&P International has rated an organization centered totally on a bitcoin treasury.
Technique, which has collected 640,808 BTC largely by fairness and debt financing, now units a benchmark for conventional finance to evaluate bitcoin-centric enterprise fashions.
The company famous the agency’s ‘inherent forex mismatch,’ as all debt is denominated in US {dollars}, whereas a lot of its greenback reserves fund a software program enterprise that operates at breakeven.
Comparability to sky protocol
Technique shares its B- ranking with Sky Protocol, a decentralized stablecoin issuer previously often known as MakerDAO.
Each companies have been cited for top focus dangers and weak capitalization.
Outlook and improve circumstances
S&P International views an improve as unlikely within the subsequent 12 months except Technique improves its US greenback liquidity, reduces reliance on convertible debt, and maintains robust entry to capital markets even throughout bitcoin value declines.
The company warned {that a} extreme bitcoin downturn might pressure Technique to liquidate a few of its bitcoin at low costs to fulfill debt obligations.
A downgrade is feasible if the corporate’s funding entry deteriorates or it can not proceed its bitcoin-focused technique.
Regardless of these considerations, Technique’s inventory value has remained resilient, with a 2.27% acquire on the day of the announcement, although it has retraced 13% in 2025 after a robust 430% efficiency in 2024.