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Saylor’s Strategy Is Tagged Junk by S&P in Initial Rating

S&P Global Ratings assigned Strategy Inc. a junk level credit rating, citing the enterprise software maker turned Bitcoin accumulator’s high concentration in cryptocurrency, narrow business focus, weak risk-adjusted capitalization and low US dollar liquidity as weaknesses.

The company formerly known as MicroStrategy was rated B-, or six notches below investment grade, with a stable outlook, the credit-rating company said in a statement Monday. Michael Saylor, who co-founded the firm and has overseen the pivot to accumulating Bitcoin over the past five years, noted in a post on X that it was the first-ever rating of a Bitcoin treasury company.

$2.5T Citigroup Partners With Coinbase to Enable Stablecoin Payments

Citigroup, a top U.S. bank with $2.5 trillion asset under management has partnered with Coinbase. They aim to explore the use of stablecoins for corporate payments. This marks another major step in Wall Street’s embrace of blockchain technology.

The collaboration aims to help Citigroup’s institutional clients move funds between crypto and traditional accounts more efficiently, per a Bloomberg report. Citigroup said the initiative will focus on developing faster and more flexible payment options for businesses.

Galaxy Digital Sinks After $1 Billion Exchangeable Bond Offer

Shares of Galaxy Digital Inc. plunged 9% in overnight trading after the company’s operating partnership announced a $1 billion sale of exchangeable bonds.

Galaxy Digital Holdings LP is offering the 5.5-year bonds, which are exchangeable into common shares of Galaxy Digital, with a coupon of 0.5% to 1%, according to people familiar with the matter. The digital asset firm’s shares are traded in New York and Toronto.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Monday was $149.3 million. The total net asset value of Bitcoin spot ETFs is $155.89 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.83%.

The Bitcoin spot ETF with the highest net inflow on Oct. 27 was ARK 21Shares Bitcoin ETF , with a net inflow of $76.4 million. Followed by iShares Bitcoin Trust ETF , with a net inflow of 65.27 million, according to SoSoValue.