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In a post on X on Sept 2, Michael Saylor highlighted that Strategy’s Total Reserve Capital now exceeds that of every other financial firm in the index.
Berkshire sits at roughly $364 billion. Strategy follows at about $66 billion.
The gap between the two remains large, yet the fact that a former enterprise-software name has climbed this high underscores how aggressively Strategy has shifted its capital structure toward Bitcoin.
“Strategy now has more Total Reserve Capital than every financial services company in the S&P 500 except Berkshire Hathaway,” Saylor wrote.
Bitcoin drives the numbers
Total Reserve Capital is Strategy’s preferred metric. It starts with unrestricted cash and marketable securities, then subtracts senior claims such as debt and preferred-stock liquidation preferences.
For Strategy, the bulk of that reserve is Bitcoin. The company holds 845,050 BTC, valued near $65.8 billion at recent prices, plus several billion dollars in cash and other liquid assets.
Strategy has made clear its goal is to keep building that pile. In a separate post the company stated simply: “Our ambition is to hold the most capital.”
How the position grew
The firm has funded its Bitcoin accumulation through equity raises, convertible debt and preferred stock over several years. It also maintains a dollar liquidity buffer intended to cover interest and preferred dividends.
Recent moves included selective Bitcoin sales to build cash reserves, followed by a return to buying last week with the purchase of more than 4,600 BTC.
The result is a balance sheet that looks more like a leveraged Bitcoin vehicle.
For now, the numbers put Strategy in rare company. In the S&P 500 financial sector, only Berkshire Hathaway still sits above it on this measure of reserve capital.
This story was originally published byTheStreeton Sep 3, 2026, where it first appeared in theMARKETSsection. Add TheStreet as aPreferred
Source: finance.yahoo.com