S&P присвоило компании Strategy статус «мусорного» эмитента из-за зависимости от биткойна Translation: S&P Assigned Strategy a Junk Issuer Status Due to Bitcoin Dependence

The S&P Global Ratings agency has assigned a credit rating of B- to Strategy, categorizing its securities as «junk bonds.»

This decision was influenced by the company’s substantial asset concentration in Bitcoin alongside its dollar-denominated debt obligations. S&P also highlighted the firm’s low dollar liquidity and negative risk-adjusted capital.

The agency mentioned that a rating upgrade is «unlikely in the next 12 months.» For an upward revision, the company would need to enhance its financial stability, reduce reliance on convertible debt, and maintain broad access to capital markets even during declines in the price of the leading cryptocurrency.

Matthew Sigel, head of digital asset research at VanEck, explained that «Strategy can manage its debt for now, but it remains vulnerable to market shocks.»

Analysts at TD Cowen are optimistic about the company and its stock. They have set a target price for the shares at $620, as reported by The Block.

Experts emphasized that Strategy is effectively leveraging investor interest in risk and high returns to accumulate digital gold. Meanwhile, the number of Bitcoins per share is increasing as the company reduces the issuance of new shares.

TD Cowen anticipates that by 2027, the firm will amass 900,000 BTC, representing over 4% of the total supply of Bitcoin.

From October 20 to 26, Strategy purchased 390 BTC valued at $43.3 million, with an average acquisition price of $111,117 per coin.

Over the past month, the company has accumulated 778 BTC, marking one of the lowest monthly totals in its history. In comparison, Strategy increased its reserves by 3,526 BTC in September, and by 31,466 BTC and 26,695 BTC in July and May, respectively.

According to CryptoQuant analyst Maartun, the sharp slowdown in purchasing activity can be attributed to difficulties in raising capital. The premium on new equity has fallen from 208% to 4%.

David Duong, head of investment research at Coinbase Institutional, noted that the decline in activity among crypto treasury companies was also triggered by the market crash on October 11.

«In the past two weeks, Bitcoin purchases by these firms have dropped to the lowest levels since the start of the year, with little significant recovery even during price increases,» he remarked.

The Ethereum accumulation-focused company ETHZilla has announced the sale of assets worth $40 million to fund a share buyback.

«The firm has already repurchased around 600,000 of its own securities for $12 million as part of an approved buyback program worth $250 million,» the press release stated.

ETHZilla will continue to sell off its holdings until the NAV premium stabilizes, which is a key indicator of the company’s attractiveness to investors. As of this writing, the firm holds 102,240 ETH valued at $420 million.

Japanese company Metaplanet is also planning to buy back up to 150 million common shares worth 75 billion yen ($500 million) to stabilize its NAV. This announcement was made by its CEO, Simon Gerovich.

«We acknowledge that in the face of increasing market volatility and declining mNAV, our current share price does not adequately reflect the company’s intrinsic economic value,» the firm representatives stated.

According to Yahoo Finance, since the start of the year, Metaplanet’s share price has increased by 43.4%. Its current price stands at 499 yen, which is 73% lower than the peak of 1,895 yen recorded on June 16.

The company’s NAV reached a maximum of 10.33x in February but currently stands at 1.03x.

The largest corporate holder of Ethereum remains BitMine. Last week, the company acquired an additional 77,055 ETH for approximately $319 million, bringing its total reserves to 3.3 million ETH, valued at $13.7 billion.

Previously, the firm also took advantage of the market correction to add 104,336 ETH worth $417 million to its reserves.