A quiet but historic moment has unfolded, which may reshape how traditional markets value digital assets like Bitcoin. For the first time, a major global rating agency has evaluated a company whose borrowing model is directly tied to BTC. On Oct. 27, S&P Global Ratings assigned Strategy Inc. (MSTR) a “B-” rating with a Stable […]
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Strategy Inc., the company led by Michael Saylor that rebranded from MicroStrategy, was hit with a junk credit grade on Monday as S&P Global Ratings flagged its heavy concentration in Bitcoin and weak dollar liquidity. Related Reading: Bitcoin Buzz: Michael Saylor Drops ‘Orange Dot Day’ Hint According to S&P, the firm’s balance sheet is tied closely to the price of Bitcoin and carries risks that traditional ratings models find hard to treat as stable collateral. Bitcoin Holdings Drive The Score Based on reports, Strategy’s Bitcoin stack is enormous — about 640,808 BTC on its books — worth roughly $73 billion to $74 billion at recent prices. S&P said that while the company owns a large digital-asset hoard, the volatility of that asset and the company’s limited cash flow make it risky under S&P’s credit rules. S&P assigned a B- issuer credit rating and kept the outlook stable. That B- places the company squarely in non-investment-grade territory, signaling a higher chance of stress if markets turn against it. S&P Global Ratings has assigned Strategy Inc a ‘B-‘ Issuer Credit Rating (Outlook Stable) — the first-ever rating of a Bitcoin Treasury Company by a major credit rating agency. https://t.co/WLMkFqkkCb — Michael Saylor (@saylor) October 27, 2025 Currency Mismatch And Debt Pressure Reports have disclosed that S&P was particularly concerned about a mismatch: most obligations are owed in US dollars, but most of the company’s value sits in Bitcoin. This gap can force the sale of Bitcoin to meet dollar payments if prices slide. Analysts and commentators pointed to sizable convertible securities and preferred-stock commitments that add cash demands on the company. According to filings and market write-ups, the firm faces billions of dollars in convertible and preferred obligations spread over coming years. Saylor and Strategy have made repeat purchases of Bitcoin as part of their stated plan. Those buys have created big unrealized gains on paper, but S&P’s methodology largely treats the token differently from traditional equity when measuring risk-adjusted capital. Liquidity, Access To Markets S&P noted that, for now, Strategy still has access to capital markets, which is why its outlook is stable rather than immediately negative. But the rating agency warned that a sharp drop in Bitcoin’s price or any sudden tightening of funding channels could trigger a further downgrade. Related Reading: $10K Is Coming: Arthur Hayes’ Zcash ‘Vibe Check’ Sparks 30% Moonshot Market participants will watch funding costs, preferred dividend payments and convertible notes for signs of stress. Investors reacted with mixed signals in early trading. Some buyers treated the downgrade as a formal recognition of a known risk, while others judged the move as a calibration that won’t stop Saylor’s accumulation strategy if markets stay calm. Trading volume and price swings in both Strategy shares and Bitcoin may rise as traders reassess odds. Featured image from Gemini, chart from TradingView
S&P put MSTR in the same speculative-grade bracket as Sky Protocol, reflecting shared exposure to liquidity and market-volatility risks.
S&P Global assigned a B- rating to the company's debt, not exactly a ringing endorsement, but a rating nevertheless.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
American Bitcoin acquired 1,414 BTC while Michael Saylor’s Strategy added 390 BTC.
Strategy's holdings account for more than 3% of the total 21 million bitcoin supply — worth around $74 billion.
The Wall Street bank initiated coverage of Strategy with a buy/high risk rating and a $485 price target.
Strategy's holdings account for more than 3% of the total 21 million bitcoin supply — worth around $71 billion.
In the last week, Bitcoin prices fell from around $115,000 to below $105,000 amid a widespread crypto market correction. According to prominent market analyst Burak Kesmeci, several on-chain developments unfolded during this price decline that are now indicative of the present market and potential price movements. Related Reading: Bitcoin LTH Inflow On Binance Surges Tenfold Within Days — What This Could Mean Bitcoin Metrics Flash Extreme Fear, But Local Bottom May Be Near In an X post on October 18, Kesmeci reports that Bitcoin’s on-chain landscape has flashed a series of key signals that generally suggest heightened fear and potential accumulation opportunities in the market. The analyst shares recent developments from seven important on-chain metrics during Bitcoin’s fall in the third week of October. Firstly, the Fear and Greed Index plunged into the “extreme fear” zone, reflecting a surge in investor anxiety following Bitcoin’s latest price correction. However, Kesmeci states that this is an event typically observed near market lows rather than peaks, and may not be the ideal time for selling. Meanwhile, the Net Unrealized Profit/Loss (NUPL) metric dropped below 50%, moving sentiment from optimism to worry, as the average profitability among holders is being eroded. In the derivatives market, funding rates turned negative, showing that short positions now dominate futures markets. On the equity side, shares of the largest crypto treasury MicroStrategy (MSTR) declined below $300, reflecting broader weakness in Bitcoin-linked assets. However, the firm also reinforced its long-standing conviction by adding 220 BTC to its holdings, bringing its total to 640,251 BTC, and underscoring continued institutional confidence despite short-term pressure. In addition, on-chain valuation indicators also highlighted deep oversold conditions. The Advanced NVT Signal fell below -0.5 standard deviations, a level historically associated with an oversold market and early bottom phases. The Active Address Sentiment Indicator (AASI) shows that Bitcoin’s price has dropped disproportionately relative to network activity, a relationship often followed by recovery periods as fundamentals stabilize ahead of sentiment. When all considered together, these signals suggest that Bitcoin is operating within an extreme fear and oversold environment. However, Kesmeci also hints that the local market bottom may be forming, suggesting that the present market condition presents strong accumulation opportunities. Bitcoin Price Overview At the time of writing, Bitcoin trades at $106,970 after a 0.29% decline in the last 24 hours. The monthly chart reflects an 8.32% loss as the premier cryptocurrency struggles to establish its expected “Uptober” bullish form. However, Coincodex analysts are predicting an imminent market rebound, with a projected price target of $124,172 in five days. Related Reading: Analyst Predicts XRP Price Will Hit $1,200 With 50,000% Run Driven By These Factors Featured image from Flickr, chart from Tradingview
BitMine’s Chairman, Tom Lee, has shared his perspective on the recent surge of crypto-focused treasury companies and the future of this multi-billion-dollar trend. Related Reading: Ethereum Ready For ‘Rapid Expansion’ As Price Holds $3,900 Support – 30% Rally Coming? Crypto DATs Bubble Already Burst On Thursday, BitMine’s Chairman Thomas “Tom” Lee joined Fortune’s Crypto Playbook Podcast to discuss the surge of Digital Assets Treasury (DAT) companies and why he thinks the bubble surrounding these vehicles may have already burst. Discussing the need for this alternative type to get exposure to crypto assets, Lee argued that DATS “are not just passive vehicles,” and properly executed companies will get capital and be supported by investors. He noted that companies like Strategy and BitMine, the two largest crypto treasuries in the world, both see several billion dollars of daily trading volume, adding that “the two companies combined are 86% of all trading volume for the DATs.” Lee was also asked about the argument that the trend is creating a potential bubble. Fortune’s senior crypto analysts questioned whether the bubble might burst and have a negative impact now that there are hundreds of DATs in the market. He affirmed that the bubble has likely already burst, at least to some capacity, and argued that around 80% of these firms are trading below the net value of their underlying assets. “If that’s not already a bubble burst (…), how would that bubble burst?” Nonetheless, BitMine’s chair explained that instead of questioning if a bubble has burst, he prefers asking if the market has become discerning, which he thinks it already has. BitMine, Not ‘Just’ A DAT? Lee argued that, while other crypto treasuries have not been creators of shareholder value, BitMine is “not just a DAT,” but also the largest holder of Ethereum (ETH) in the world. Notably, BitMine is a Bitcoin and Ethereum Network Company with a focus on accumulating crypto for long-term investment. The company aims to own 5% of Ethereum’s total supply, currently holding 3.03 million ETH tokens, or over 2.5% of the total supply. According to Lee, this gives BitMine multiple roles, including providing a significant amount of security to the Ethereum network. Based on these roles, he considers the company is “essentially a liaison between how Wall Street views future upgrades to Ethereum, to the community.” “So we’re not just a DAT. We’re becoming, you know, one of the important voices within Ethereum, and that really was our goal. You know, that’s why, when BitMine was created,” he said. Adding to his argument, Lee has previously asserted that the company is confident that the two “Supercycle investing narratives remain AI and crypto,” which will “play out over decades.” Related Reading: Bitcoin (BTC) ‘Uptober’ Rally On Pause Until This Level Is Reclaimed As a result, he considers that “Ethereum remains the premier choice given its high reliability and 100% uptime.” During the Podcast, BitMine’s chairman reaffirmed this stance, stating: “The tokenization of everything else, (…), is in the quadrillions. You know, especially as AI moves towards micro payments, which need to happen on the blockchain. That to me is a bigger opportunity, and (…) Ethereum is where a lot of this is going to be built. (…) So to me, there’s still an exponential opportunity in owning ETH over Bitcoin,” Lee concluded. Featured Image from Unsplash.com, Chart from TradingView.com
Strategy is the world's largest publicly-listed BTC holder.
Strategy's bitcoin holdings account for more than 3% of the total 21 million BTC supply — worth around $73 billion.
The company's bitcoin-linked perpetual preferred shares give it a lasting capital edge, analyst Mark Palmer said.
BlackRock's IBIT spot bitcoin ETF has exceeded 800,000 BTC in assets under management less than two years after trading began.
Strategy's holdings remain at 640,031 BTC, representing more than 3% of the total 21 million bitcoin supply — worth around $79 billion.
Robinhood’s listing of Strategy’s preferred stocks could fund more bitcoin buys without tapping new MSTR stock issuance, a move that may boost BTC demand.
USDT issuer Tether has added a significant amount of Bitcoin to close out the third quarter, a development that has caught the attention of the crypto community. Tether’s CEO, Paolo Ardoino, also confirmed this purchase, as the company ranks among the largest BTC treasury companies. Tether Adds 8,889 BTC To Bitcoin Holdings Arkham data shows that Tether bought 8,889 BTC for $1 billion, with the coins transferred from Bitfinex’s hot wallet to the USDT issuer’s Bitcoin reserves wallet. The company now holds 86,335 BTC, which is valued at $10.23 billion. Ardoino also confirmed the purchase in an X post, highlighting their effort to keep accumulating BTC. Related Reading: Bitcoin Price Reaches ‘Critical Junction’: How A Rally To $139,000 Would Play Out BitInfoCharts data shows that Tether is currently one of the largest Bitcoin holders, controlling 0.4% of the flagship crypto’s supply. Meanwhile, based on BitcoinTreasuries data, the USDT issuer will rank as the second-largest BTC treasury company, just behind Michael Saylor’s Strategy. Notably, Tether also has more Bitcoin exposure through its stake in Twenty One Capital (XXI), which is currently the third largest BTC treasury company, behind Strategy and Mara Holdings. XXI holds 43,514 BTC on its balance sheet, some of which it received from Tether as part of the USDT issuer’s investment. Meanwhile, Tether has made it clear that it intends to continue buying as much Bitcoin as possible. Ardoino stated last month that while the world continues to become darker, they will continue to invest part of their profits in safe assets like BTC, gold, and land. This came as he clarified that his company wasn’t selling Bitcoin to buy more gold but was instead buying both assets for their reserves. It is worth mentioning that Tether generates the most revenue among crypto protocols. DeFiLlama data shows that the stablecoin issuer has earned $22.27 million in revenue in the last 24 hours and $155.27 million in the last seven days. As such, the firm makes enough profits to keep buying BTC. The Bottom For BTC Notably, Tether’s latest Bitcoin purchase came just as the BTC price bottomed out. The USDT issuer had bought these coins when the flagship crypto was trading at around $110,000. Since then, BTC has staged a parabolic rally, beginning this month with a gain of around 6%. Bitcoin had dropped to as low as $108,000 about a week ago. Related Reading: These Analysts Predicted The Bitcoin Price Crash And Their Forecasts Say It’s Not Over Bitcoin is expected to record significant gains this month based on historical data. October is its second-best performing month, recording average gains of 20% over the years. Factors like a Fed rate cut could also help spark massive gains for the flagship crypto. At the time of writing, the Bitcoin price is trading at around $118,400, up over 3% in the last 24 hours, according to data from CoinMarketCap. Featured image from Getty Images, chart from Tradingview.com
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The US Treasury Department and the Internal Revenue Service have released interim guidance that significantly eases tax burdens for corporations holding Bitcoin and other digital assets. Issued on Sept. 30, the notices, 2025-46 and 2025-49, clarify how the Corporate Alternative Minimum Tax (CAMT) applies to unrealized gains, a question that had raised alarm across corporate […]
The post US clears path for companies to hold Bitcoin tax-free appeared first on CryptoSlate.
New IRS guidance eliminates a looming tax risk associated with unrealized crypto gains, a relief for Strategy.
Michael Saylor, the executive chairman of MicroStrategy, which recently rebranded to Strategy, has once again drawn attention to the company’s aggressive Bitcoin acquisition strategy by reviving and actively utilizing the public BTC Tracker. What Is The Bitcoin Tracker And Why Does It Matter Michael Saylor has once again released the Strategy Bitcoin tracker, a chart that the market has come to watch closely. According to the X post, the latest buy brings Strategy’s total Bitcoin treasury holdings to 639,835 BTC, which is approximately $70.01 billion. Related Reading: Michael Saylor Says Bitcoin Is Not Just An Asset; What Is It Then? CryptosRus has stated that the familiar orange dots continue their steady climb upward and to the right, a simple yet powerful indicator hinting that additional BTC buys may be on deck. Every time this chart comes out, the market leans in. Saylor’s conviction has transcended simple corporate policy to become a genuine market signal. An analyst known as BitBull has confirmed a crucial turning point for the Bitcoin market, highlighting that BTC Open Interest has fallen to its lowest level in a month, effectively wiping out all the leverage that had built up during September. BitBull views this deleveraging event as a positive and healthy development for the market. By purging excessive leverage, the market is now considered to be in a healthier state, which could set the stage for a reversal upward in BTC price. Why The Current Bitcoin Run Is Only The Beginning Market analyst Zynx has offered insights into the BTC market and future price targets, pointing out that the bull market is still in its early stages and has significant room to run. He stated that BTC needs to cross $151,000 just to equal its all-time high in Gold, which suggests a specific metric where BTC’s price, relative to the price of an ounce of gold, would match its previous peak ratio. Related Reading: Bitcoin Daily RSI At Most Oversold Level Since April — Time To Buy? Historically, every cycle since the inception, BTC has more than doubled its price in Gold at a minimum, usually much more than that. However, the $300,000 target is looking increasingly realistic. While it is impossible to give a time frame, if history repeats, crossing the $151,000 all-time high within the next six months is expected. Furthermore, what makes this cycle fascinating is the macro overlay. Some analysts, such as EneaDenkt and others, are using the US Business Cycle Institute for Supply Management (ISM) as a key indicator for predicting the timing when BTC will peak. Zynx concluded by acknowledging that this is definitely a very interesting time for the BTC rally, and this cycle will definitely be like no other. Featured image from Pixabay, chart from Tradingview.com
Strategy (formerly MicroStrategy) expanded its Bitcoin holdings by purchasing of 196 BTC for $22.1 million at an average price of $113,048 per coin, according to a filing with the US Securities and Exchange Commission (SEC) dated Sept. 29. According to the firm’s dashboard, this acquisition marks its third-smallest buy this year, following its 130 BTC […]
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The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Strategy's holdings account for more than 3% of the total 21 million bitcoin supply — worth around $72 billion.
As we approach the final quarter of 2025, key charts provide valuable insights to help crypto traders navigate the evolving market landscape.
Metaplanet, a Japanese public company, bought 5,419 Bitcoin in a single purchase and climbed into the ranks of the world’s largest corporate holders. Related Reading: Ripple CTO Drops Bombshell: XRP At The Core Of Trillions In Banking Future According to reports, the buy pushed its total holdings to 25,555 BTC. That move now places the firm among the top five corporate Bitcoin treasuries. Large Purchase And New Ranking Reports have disclosed the purchase cost around $632.5 million, at an average price of about $116,724 per Bitcoin. Market watchers noticed the company surpassed exchange-backed treasuries to claim the fifth spot. The company’s average cost basis across all holdings is said to be roughly $106,000 per BTC. The scale is significant, and the shift in ranking was immediate. Metaplanet’s leap drew attention because the company did not make the purchase quietly. Based on reports, it has been raising capital specifically to buy more Bitcoin. The Japanese firm has announced plans to raise around $1.4 billion through share and warrant issuances and other offerings. Those funds are earmarked for additional accumulation. The target gives a sense of their appetite: they aim to hold 210,000 BTC by the end of 2027, a figure that would amount to roughly one percent of all Bitcoin expected to exist. Metaplanet has acquired 5419 BTC for ~$632.53 million at ~$116,724 per bitcoin and has achieved BTC Yield of 395.1% YTD 2025. As of 9/22/2025, we hold 25,555 $BTC acquired for ~$2.71 billion at ~$106,065 per bitcoin. $MTPLF pic.twitter.com/CBhZi2X9lE — Simon Gerovich (@gerovich) September 22, 2025 Funding Moves And Strategy According to reports, the company is using equity sales to fund accumulation, including special share offerings. That approach shifts the balance of risk onto shareholders when Bitcoin swings widely. Some investors welcome the bold plan. Others worry about dilution and how repeated capital rounds could affect existing holders. The strategy is straightforward: raise money, buy Bitcoin, repeat. Some actions were passive at first, then became aggressive as the company accelerated purchases. Market response has been mixed. Stock traders reacted with volatility. The company’s share price saw both gains and pullbacks after the announcement. Some analysts flagged the obvious tradeoff—large Bitcoin exposure can deliver big upside when BTC rallies, but it also amplifies losses during sharp declines. Still, Metaplanet has posted strong headline gains: one source reported a year-to-date yield near 395% tied to the move into Bitcoin, though that figure depends heavily on Bitcoin’s performance over the same period. Related Reading: Bitcoin Is ‘Digital Capital’ That Outpaces Traditional Assets—Michael Saylor Ambitious Targets And Risks Market watchers say reaching 210,000 BTC by 2027 would require continued capital raises and big market buys. Such a plan would keep Metaplanet in the headlines for months and years ahead. If Bitcoin stumbles, the company’s balance sheet and shareholder returns would be tested. Regulatory shifts could also change the calculus, especially in Japan and other major markets. Featured image from Unsplash, chart from TradingView
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Strategy's bitcoin holdings now account for more than 3% of the total 21 million BTC supply — worth around $72 billion.
Welcome to Slate Sundays, CryptoSlate’s new weekly feature showcasing in-depth interviews, expert analysis, and thought-provoking op-eds that go beyond the headlines to explore the ideas and voices shaping the future of crypto. On Wall Street and Crypto Twitter, few names spark debate like Michael Saylor and his Bitcoin-hungry software company, Strategy. Gone are the days when […]
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