Michael Saylor wants you to know that Strategy, the company formerly known as MicroStrategy, is sitting on a bigger pile of reserve capital than almost every financial firm in the S&P 500. The only exception: Warren Buffett’s Berkshire Hathaway, which holds roughly $365.5B in cash and Treasury bills as of June 30, 2026.
As of August 30, 2026, Strategy held approximately 845,050 BTC with an acquisition cost of about $63.73B, plus around $6.7B in cash. By Saylor’s math, that puts the company’s “Total Reserve Capital” somewhere between $66B and $72.3B, depending on how you value certain assets.
The claim, unpacked
Saylor’s comparison pits Strategy against the financial services heavyweights of the S&P 500: banks, insurance companies, asset managers, and the like. By his proprietary reserve capital metric, only Berkshire Hathaway’s war chest of $365.5B stands above Strategy’s combined Bitcoin and cash holdings.
“Total Reserve Capital” is not a standard financial reporting term. It’s a proprietary metric, crafted by Strategy, that bundles together the company’s Bitcoin treasury and its USD cash position into a single headline number. Traditional financial firms hold capital in forms that are regulated, stress-tested, and subject to standardized disclosure requirements. Strategy’s reserves are overwhelmingly denominated in a single volatile asset.
