S&P Global Ratings has assigned a so-called junk bond rating to Bitcoin treasury company Strategy (NASDAQ:MSTR). The ratings firm on Monday assigned Strategy a B- rating with a stable outlook, well below its investment-grade threshold, citing the company’s “high bitcoin concentration, narrow business focus, weak risk-adjusted capitalization, and low U.S. dollar liquidity.” The rating falls into S&P’s speculative grade. It suggests that the company is “able to service debt for now, but vulnerable to shock ...