Strategy Launches Credit Rating Dashboard to Address Investor Debt Concerns

Strategy rolled out a new credit rating dashboard on Tuesday to address growing investor concerns about the company's balance sheet. The world's largest corporate Bitcoin holder claims it can service debt payments for 70 years even if Bitcoin prices remain flat. According to Cointelegraph, the dashboard shows the company maintains a 5.9x assets-to-convertible debt ratio at their $74,000 average cost basis.

The announcement comes as digital asset treasury stocks experienced sharp declines during the recent Bitcoin market downturn. Strategy stated that even at $25,000 per Bitcoin, the ratio would stand at 2.0x. The company emphasized its dividend runway and enterprise software cash flow as protection against liquidation risks.

Market Dynamics Behind the Dashboard Launch

The credit rating tool addresses widespread fears that falling crypto prices could force major treasury companies into liquidation. This selling pressure would further weaken an already distressed market. Lacie Zhang, research analyst at Bitget Wallet, told Cointelegraph that Strategy's 71-year dividend runway claim appears realistic under a flat Bitcoin price scenario. However, she noted that long-term projections depend on market volatility and regulatory changes.

Strategy's market net asset value stood at 1.16 at the time of the report. An mNAV below 1.0 makes it difficult for companies to raise funds through share issuance. This would limit future cryptocurrency purchases. We reported that digital asset treasury companies have faced severe NAV compression, with 25% of firms trading below their Bitcoin holdings value as of September 2025.

Broader Implications for Digital Asset Treasury Model

Strategy's financial position may influence Bitcoin price floors during future downturns. Ki Young Ju, CEO of CryptoQuant, stated that Strategy's strong financials provide a positive signal for the next bear market. The company is unlikely to sell its holdings, potentially preventing Bitcoin from revisiting its realized price of $56,000.

The digital asset treasury sector has grown to more than 200 companies since Strategy pioneered the model in 2020. According to CoinGecko, these firms deployed $42.7 billion in 2025 alone. Strategy holds approximately $70.7 billion in Bitcoin, representing nearly 50% of all treasury company crypto holdings.

Several leading treasury companies suffered recent stock declines alongside falling mNAV ratios. Companies including Bitmine, Metaplanet, Sharplink Gaming, and Upexi all experienced drops. The mNAV ratio compares a company's enterprise value to its crypto holdings value. Compressed premiums reduce the ability to issue accretive equity for additional Bitcoin purchases.

Some analysts remain skeptical about the treasury company model's sustainability. Jim Chanos previously closed his short position on Strategy at a profit after predicting premium compression. The model depends on maintaining share price premiums above Bitcoin holdings to avoid dilution. Without continuous accumulation at favorable valuations, the investment case weakens for shareholders who could buy Bitcoin directly.

Strategy has diversified its funding methods beyond equity and convertible debt. The company issued perpetual preferred stock with fixed dividend rates in early 2025. This expansion of capital sources demonstrates the evolving approaches to Bitcoin accumulation. However, rising preferred dividend costs have increased pressure on the capital structure.

The dashboard release reflects a broader shift toward transparency in treasury company operations. As the sector matures, companies face heightened scrutiny of leverage ratios and liquidity positions. Strategy's ability to maintain operations without forced selling could set precedents for how treasury companies manage market downturns.