Strategy seeks credit rating upgrade after boosting liquidity

Strategy, the largest Bitcoin treasury firm, is seeking to improve its B- junk credit rating by strengthening its balance sheet. The company has focused on three key areas identified by S&P Global Ratings for potential upgrades: dollar liquidity, convertible debt, and capital-market access during periods of Bitcoin volatility.

According to Chaitanya Jain, head of investor relations, the company’s dollar liquidity increased from $54 million on September 30, 2025, to $6.54 billion by September 7. This liquidity is divided into a $5.10 billion USD Reserve, earmarked for preferred dividends and interest, and $1.44 billion in USD Cash, which can be used for Bitcoin purchases or capital management. This cash cushion provides approximately four years of capacity to meet financial obligations without the need to sell Bitcoin holdings.