Strategy Inc. (formerly MicroStrategy) has built a massive $56 billion Bitcoin treasury, holding over 641,000 BTC — nearly 3% of Bitcoin’s total supply — but this aggressive Bitcoin accumulation strategy is now blocking its path into the S&P 500 index. Fueled by $21 billion in equity, preferred stock, and convertible debt issued in 2025, the company transformed from a traditional software and analytics firm into a de facto leveraged Bitcoin investment vehicle.

S&P Global Ratings assigned Michael Saylor’s MicroStrategy a B- credit rating, placing it firmly in speculative “junk bond” territory while maintaining a stable outlook. The agency cited the company’s narrow business focus on Bitcoin, high BTC concentration, weak risk-adjusted capitalization, and low U.S. dollar liquidity as key weaknesses.

MicroStrategy, the business intelligence company co-founded by Michael Saylor, has expanded its Bitcoin holdings to an unprecedented 638,985 BTC, worth more than $73 billion. The announcement followed the purchase of 525 Bitcoin valued at roughly $60 million, acquired at an average price of $114,562 per BTC.