current status of getting Strategy’s credit instruments rated

Adam Livingston

⁦‪@AdamBLiv‬⁩

What’s the current status of getting Strategy’s credit instruments rated?

Is anyone working on a model for Bitcoin collateral companies?

Or are we sitting on our hands and waiting for some intern at Moody’s to start a paradigm shift in Excel?

9/19/25, 9:29 PM

– Michael Saylor’s response highlights Strategy’s proactive move to develop a BTC Credit model, publicly available since at least 2025, which generalizes Bitcoin as collateral for credit instruments, a shift supported by growing institutional adoption—e.g., over 170 Bitcoin Treasury companies and global government purchases—reducing the likelihood of extreme price drops like the 88% threshold suggested in related analyses.

– The pursuit of credit ratings for these instruments challenges traditional financial skepticism, as a 2023 study from the Journal of Financial Stability notes Bitcoin’s volatility (historically peaking at 80% annualized) is declining with market maturity, suggesting a potential for acceptance as a balance sheet asset despite critiques of its unpledged status.

– Saylor’s framing of preferred stocks as “credit” instruments, despite their equity nature, reflects a strategic redefinition to attract institutional investors, though this conflicts with regulatory views (e.g., SEC guidelines) that prioritize fiat-based servicing capacity, exposing a tension in Bitcoin’s integration into conventional finance.

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current status of getting Strategy’s credit instruments rated

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