MicroStrategy Reserve Capital Beats All S&P 500 Financials But Berkshire, MSTR Still Slips

Michael Saylor says MicroStrategy now holds extra reserve capital than each monetary agency within the S&P 500 however one. Berkshire Hathaway is the exception.

The boast rests on a yardstick the corporate constructed itself. MicroStrategy’s personal investor briefing lands on a quantity $15 billion smaller.

How MicroStrategy Got Here

MicroStrategy holds 845,050 BTC. Its first purchase, in August 2020, was 21,454 cash for $250 million. That stack is now price about $65.2 billion. It resumed shopping for on August 31, ending a 10-week pause with 4,603 cash for $370 million.

Add $6.7 billion in greenback property and the reserve reaches $72.3 billion. Chief Executive Phong Le cited roughly $72 billion the identical day, so the determine holds up.

Summer is often gradual, however we’ve been busy @Strategy during the last 2 months: Bitcoin and USD property are up 34% to $72B, internet leverage right down to 0%, and again to purchasing BTC. $MSTR has outperformed BTC and our prefs are paying dividends and up 10%+. Fall could possibly be fairly fascinating.

— Phong Le (@phongle) September 2, 2026

Le additionally claimed zero internet leverage. The briefing backs him. Dollar property of $6.714 billion match complete debt of $6.714 billion nearly precisely, after the corporate built its dollar pools by means of August.

“Strategy now has extra Total Reserve Capital than each monetary companies firm within the S&P 500 besides Berkshire Hathaway. $MSTR,” said Saylor.

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Bitcoin (BTC) hovers near $77,203, down 0.08% on the day as of this writing. MSTR traded close to $122.30 on Wednesday, off 2.1%. The inventory fell quicker than the coin, because it tends to on delicate tape.

Investors had rewarded the cash build in late August, lifting MSTR close to $140.

The Metric Is MicroStrategy’s Own

Total Reserve Capital strips senior claims out of liquid reserves. Deposits depend as senior claims for banks. That is why JPMorgan reveals roughly detrimental $1.35 trillion.

The chart places MicroStrategy at $66 billion. Its August 30 briefing counts $21.5 billion of senior claims, together with $14.8 billion of most popular inventory, and studies a internet reserve of $50.7 billion. The $66 billion works provided that that most popular inventory is put aside. Bank deposits aren’t.

The similar alternative flatters the ratio. The chart reveals reserves at 10.75 instances senior claims. Count the popular and it falls to three.4.

MicroStrategy says as a lot itself. The briefing calls these supplemental measures with important limitations, not accounting requirements.

Berkshire’s submitting reveals $365.5 billion in money and Treasury payments at June 30. That quantity is checkable. The rating beneath it’s not.

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