TL;DR
- Strategy remains on track for a possible inclusion in the S&P 500 index in December, despite the recent market correction.
- Current pressure falls on shareholders who purchased their shares at an inflated NAV.
- S&P Global Ratings assigned Strategy a “B-” credit rating, establishing a benchmark for corporate crypto treasuries.
Strategy continues its path toward potential S&P 500 inclusion in December 2025, even as the crypto market has experienced a deep correction in recent weeks.
The firm is recognized as the largest corporate holder of Bitcoin. It currently faces no immediate risk of liquidating its assets to cover debt, according to a recent report by Matrixport. The current pressure primarily affects shareholders who acquired their stakes at an inflated net asset value (NAV) and are now experiencing NAV compression.
Strategy’s shares fell from a peak of $474 to around $207, reflecting the market’s sensitivity to Bitcoin volatility. Analysts note that, when compared to the price of the cryptocurrency, the shares remain relatively attractive. Research firm 10X Research estimates a 70% probability that the company will be included in the S&P 500 before the end of the year, reinforcing the perception of long-term stability for the firm.
Strategy Has a 70% Chance of S&P 500 Inclusion
S&P Global Ratings assigned Strategy a “B-” credit rating, placing it in the speculative, non-investment grade range, and setting a precedent for evaluating other companies with corporate crypto treasuries. This rating is the first of its kind for a Bitcoin-focused company and provides a reference point for future corporate analyses in the sector.
Smaller digital asset treasuries face significant challenges, as several have seen their market net asset value (mNAV) fall below 1, limiting their ability to issue new shares to acquire additional crypto. Companies such as Bitmine, Metaplanet, Sharplink Gaming, Upexi, and DeFi Development Corp have experienced this effect, while Strategy, thanks to its size and liquidity, remains relatively protected from market pressure.
Michael Saylor, CEO of Strategy, stated that the company is designed to withstand drawdowns of 80–90% without compromising its operations. In recent days, the company purchased an additional 8,178 BTC for $835 million, bringing its total holdings to 649,870 BTC—far exceeding its average monthly purchases of 400–500 BTC
