Last time I talked about S&P's rating of $MSTR, but I didn't go into detail, so this time I'll elaborate.

First of all, I actually think this is not just a rating of MSTR, but rather a rating of $BTC. If BTC were a U.S. stock, it would likely receive a rating from S&P in the range of CCC+ to B- (junk grade).

B-: The company has the ability to repay its debts but is very sensitive to adverse economic conditions and has weak risk resistance.

CCC+: The company is highly vulnerable, and its ability to repay debts heavily depends on favorable market and macro conditions.

This indicates that S&P believes MSTR is not a stable, normal tech company, but rather a highly leveraged asset vehicle that is heavily reliant on BTC prices and market conditions. S&P has clearly pointed out in several reports that if Bitcoin were to drop significantly, MSTR's credit risk would deteriorate rapidly.

So essentially, S&P's rating is a reminder to the market that MSTR is a high-leverage BTC vehicle, and its survival depends on BTC and liquidity cycles. In other words, MSTR is a highly leveraged product that relies on BTC. From my personal perspective, it actually acknowledges that MSTR is BTC within U.S. stocks.

This article is sponsored by #Bitget ｜ @Bitget_zh

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