Bitcoin-backed credit model earns S&P 'B-' rating, marking a major milestone for legitimacy in corporate finance

Strategy Inc (MSTR) has received a 'B-' Issuer Credit Rating from S&P Global Ratings, marking a milestone for bitcoin-backed credit. The rating recognizes the emergence of bitcoin as collateral within the credit system and acknowledges that bitcoin can underpin structured debt and preferred equity. This shift from speculative asset to recognized collateral within corporate capital structures is a structural milestone, with bitcoin entering the language of risk-adjusted return, yield, and covenants.