Strategy (NASDAQ: MSTR) now holds more reserve capital than every financial services company in the S&P 500 except Berkshire Hathaway, according to Executive Chairman Michael Saylor.
The company holds 845,050 Bitcoin, a position now valued at approximately $65.2 billion after years of aggressive accumulation.
Strategy made its first Bitcoin purchase in August 2020, acquiring 21,454 coins for $250 million in a move that set the template for its treasury strategy.
The company ended a 10-week buying pause on August 31, adding 4,603 coins for $370 million, signaling renewed confidence in its core investment thesis.
Combined with $6.7 billion in dollar-denominated assets, Strategy’s total reserve capital reaches approximately $72.3 billion by the company’s own calculation.
CEO Phong Le confirmed the figure publicly, posting on X that Bitcoin and dollar assets are up 34% to $72 billion over the past two months, with net leverage down to zero percent.
“Summer is usually slow, but we’ve been busy @Strategy over the last 2 months: Bitcoin and USD assets are up 34% to $72B, net leverage down to 0%, and back to buying BTC,” Le wrote.
Le added that MSTR has outperformed Bitcoin directly, with preferred shares paying dividends and rising more than 10%, calling the approaching fall season “quite interesting.”
The zero net leverage claim is supported by the company’s own investor briefing, which shows dollar assets of $6.714 billion matching total debt of $6.714 billion almost exactly.
Despite the reserve capital milestone, MSTR shares traded near $122.30, down 2.1% on the day, falling faster than Bitcoin itself, which hovered near $77,203 with a loss of just 0.08%.
Investors had previously rewarded the cash build in late August, pushing MSTR shares close to $140 before the recent pullback.
The reserve capital metric Strategy uses strips senior claims from liquid reserves, which means bank deposits are treated as senior liabilities, causing firms like JPMorgan to register roughly negative $1.35 trillion under this framework.
Strategy’s own investor briefing describes these measures as supplemental figures with significant limitations, and they do not conform to standard accounting principles.
Berkshire Hathaway remains the only S&P 500 financial company ahead of Strategy on this metric, with its most recent filing showing $365.5 billion in cash and Treasury bills as of June 30.
That Berkshire figure comes from a public filing and is independently verifiable, while the broader ranking methodology beneath it was constructed by Strategy itself.
