Bitcoin Price Tumbles 1.5% As Analyst Calls S&P Junk Rating On Michael Saylor’s Strategy ‘Hilarious’
The Bitcoin price edged down 1.5% in the past 24 hours to trade at $113,980 as of 3:48 a.m. EST on trading volume that dropped 7% to $54.8 billion. The fall came as S&P Global Ratings slapped a junk rating on Michael Saylor’s Bitcoin treasury firm Strategy because of its ”speculative” exposure to BTC. The B- credit rating placed the firm six notches below investment grade. “We view Strategy’s high bitcoin concentration, narrow business focus, weak risk-adjusted capitalization, and low U.S. dollar liquidity as weaknesses,” the agency said . But the rating marks the first time a Bitcoin-focused treasury company has received an official S&P rating, a significant milestone for the crypto industry’s growing overlap with traditional finance. S&P Rating ‘Hilarious’ Some analysts took issue with the rating. Adam Livingston, an analyst with 56k followers on X, called it “hilarious.” Everybody, pleas...