Strategy erased nearly $8 billion of net debt in 11 months and put S&P’s junk rating on the clock

Strategy’s Bitcoin-driven balance-sheet gains reportedly reduced its net debt by nearly $8 billion in 11 months, materially improving its leverage profile. The improvement could pressure S&P to reassess the company’s junk rating, though its credit risk remains closely tied to Bitcoin’s volatile price and liquidity. Bitcoin’s test of the roughly $76,000 support cluster during a macro energy shock underscores that vulnerability: a sustained decline could reverse much of the deleveraging and revive rating pressure.