Strategy Inc. (MSTR) has vaulted past every financial-services company in the S&P 500 on a key measure of reserve capital, leaving only Warren Buffett’s Berkshire Hathaway Inc. (BRK.A) (BRK.B) ahead of the Bitcoin-focused firm.
Michael Saylor, Strategy’s executive chairman, shared a chart on X on Sept. 2 showing the company’s Total Reserve Capital at roughly $66 billion, second only to Berkshire’s approximately $364 billion. “Strategy now has more Total Reserve Capital than every financial services company in the S&P 500 except Berkshire Hathaway,” he wrote.
The gap between the two remains wide, but the ranking underscores how dramatically Strategy has transformed its balance sheet since pivoting from enterprise software to Bitcoin accumulation. The company now holds 845,050 BTC, valued near $65.8 billion at recent prices, making it the world’s largest corporate holder of the cryptocurrency.
The metric Saylor highlighted is Strategy’s preferred measure of financial strength. It starts with unrestricted cash and marketable securities, then subtracts senior claims such as outstanding debt and preferred-stock liquidation preferences. For Strategy, the overwhelming bulk of that reserve is Bitcoin, with several billion dollars in cash and other liquid assets layered on top.
How the reserve was built
Strategy has funded its Bitcoin purchases through a mix of equity raises, convertible debt and preferred stock over several years. The company also maintains a dollar liquidity buffer designed to cover interest payments and preferred dividends. It currently holds about $6.71 billion in total dollar assets, with $5.1 billion set aside as a corporate safety net for those obligations.
In June, the company introduced a Digital Credit Capital Framework that includes up to $1.25 billion in BTC monetization capacity. The program allows Strategy to convert Bitcoin into dollars to build reserves, fund dividends and debt interest, and support eligible repurchases.
That framework led to selective Bitcoin sales as the firm built up dollar liquidity. The selling added to pressure in the crypto market, but Strategy returned to buying last week, ending a two-month drought with the acquisition of 4,603 BTC at an average price of $80,318 per coin.
The company has been explicit about its endgame. “Our ambition is to hold the most capital,” Strategy said in a post that Saylor quoted.
Market reaction
Strategy shares edged up 0.12% in pre-market trading after closing 1.35% lower at $123.19 during Wednesday’s regular session. The stock shows a stronger short-term price trend but trails over medium- and long-term horizons, according to Benzinga’s Edge Stock Rankings.
For investors, the reserve-capital comparison highlights both the scale of Strategy’s Bitcoin bet and its reliance on leverage. A balance sheet dominated by a volatile digital asset leaves the company exposed to sharp swings in crypto prices, even as it now ranks among the largest reserve holders in the benchmark index.
The positioning also raises questions about how Strategy’s capital structure would perform in a prolonged Bitcoin downturn, given that its senior claims must be serviced regardless of the cryptocurrency’s price direction.