S&P initially classified Strategy as junk due to weaknesses such as high concentration in crypto business.

S&P Global Ratings has assigned Strategy (formerly MicroStrategy) a junk credit rating, citing weaknesses including high cryptocurrency concentration, narrow business scope, weak risk-adjusted capitalization, and insufficient U.S. dollar liquidity. The ratings company was rated B-, six notches below investment grade, with a stable outlook, the company said in a statement Monday.