A company with Bitcoin as its core asset was rated for the first time by S&P, receiving a B- grade. At first glance, it seems like bad news, but this could mark a turning point.

Traditional financial institutions are beginning to take cryptocurrencies seriously. What does this S&P rating mean? It indicates that a company is able to build a business model by allocating significant funds into Bitcoin and gain recognition from mainstream credit rating agencies — even though the rating is low, this is the first time.

The key question is: why is S&P willing to perform a credit assessment on a "high-risk" Bitcoin allocation scheme? This reflects a shift in institutional investors and the financial system's perception of Bitcoin from a "speculative asset" to a "strategic asset." A B- grade indicates the risk exists, but it doesn't mean Bitcoin isn't worth holding — rather, this high-concentration allocation indeed needs to be assessed and quantified.

This step is crucial. When traditional finance begins to price cryptocurrencies using its own tools and standards, it signifies that the "institutionalization" process of Bitcoin is accelerating.