Broker Canaccord Genuity said Strategy (MSTR)’s transformation into a “fully capitalized bitcoin acquisition engine” reached a new milestone with its first S&P credit rating, a B- with a stable outlook that recognizes the company’s increasingly sophisticated balance sheet strategy.
The rating validates Strategy’s disciplined capital management and market access, even as its fate remains tied to that of bitcoin. price, analysts led by Joseph Vafi wrote on Monday.
Analysts noted that S&P currently discounts the value of bitcoin due to volatility, but said that could change as the asset class gains widespread acceptance, potentially improving the company’s credit situation and expanding its investor base.
Monday’s report also highlighted the strong performance of Strategy’s preferred stock program, which has raised $6.7 billion in four issuances this year, including the largest U.S. IPO of 2025.
Preferences remain “highly accretive,” driving bitcoin’s 26% year-to-date return with manageable dividend costs.
With the company reiterating its 30% bitcoin return target, Canaccord said the strategy remains a leveraged play on the asset’s long-term appreciation.
The company now holds around 641,000 BTC worth around $70 billion, around 3% of everything that will ever exist, cementing its position as the largest corporate holder of bitcoins.
The brokerage reiterated its buy rating on Strategy and raised its price target on the stock to $474 from $464. The stock was down 1.7% in early trading, around $265.
Read more: Michael Saylor Strategy Added $45 Million in Bitcoin to Holdings Last Week
