Unchained · Wednesday, July 8, 2026
MicroStrategy is trying to convince rating agencies that its Bitcoin holdings are liquid assets usable for dividends and buybacks, aiming to achieve an investment-grade rating. This could open up new fund mandates that require investment in such securities.
“And so the point that strategy has been trying to make to the rating agencies is like, look, we can use this Bitcoin, it's as good as cash, we can use it to fund the dividends, you know, and so now they just prove that like, hey look, we can actually sell some Bitcoin to fund dividends and buybacks as we saw today's announcement.”
“And so Bitcoin is an actual asset. It's not just this accounting thing sitting on the balance sheet that's never going to be touched. It can actually be utilized. And so the, you know, the holy grail here is if strategy can get their rating into that investment grade category because Bitcoin is an actual asset that they can use, then that opens up a bunch of additional fund mandates that are required to only invest in investment grade securities.”