Strategy is just one "Bitcoin valuation" away from investment grade, credit rating loosening could unlock 5x market

Gate News reports that on March 23, Jeff Walton, Chief Risk Officer of Strive (ASST), publicly stated that if credit rating agencies adjust their valuation methods for Bitcoin assets, Strategy (MSTR) could leap from junk status to investment grade. He believes that the current mainstream rating systems have a significant gap in pricing Bitcoin, and once filled, it will fundamentally change the position of digital capital in the credit market.

Currently, major U.S. credit rating agencies like S&P assign a value of zero to Bitcoin on corporate balance sheets. When companies pay dividends or repay debts, they must perform financial calculations assuming Bitcoin does not exist. In October 2025, S&P assigned a B- issuer credit rating to Strategy and reaffirmed this rating in December with a stable outlook. The rating agency noted that although Strategy holds over 761,000 Bitcoin worth approximately $53 billion, its business concentration is too high, and dollar liquidity is relatively low.

Walton pointed out that if rating agencies start using a valuation for Bitcoin above zero, Strategy will easily reach investment-grade thresholds. This shift is crucial because the U.S. investment-grade bond market is about five times larger than the high-yield market. Once classified as investment grade, Strategy can access large capital channels such as pension funds, insurance companies, investment-grade bond mutual funds, index funds, and bank collateral programs.

He cited recent tech companies’ debt issuance as an example: Google raised $32 billion, Amazon $37 billion, Oracle $25 billion, and Honeywell $16 billion, all at lower investment-grade interest rates. Walton believes that if Strategy enters the same space, it can accelerate Bitcoin deployment at lower funding costs. He also mentioned that traditional BBB-rated corporate debt often relies on unstress-tested cash flows, and the involvement of digital capital could reshape the entire credit market’s risk pricing system.

Notably, Strive itself is actively making moves. On March 11, the company invested $50 million in Strategy’s preferred stock (STRC), accounting for over one-third of its total assets, with an approximate yield of 11.5%. Strive currently holds about 13,628 Bitcoin and manages over $2.5 billion in assets through its subsidiaries. The next move by rating agencies will be an important indicator to watch for whether digital capital can truly enter the mainstream credit system.