MSTR's Reserve Capital Second Only to Berkshire; Shares Fall 2.1%

MicroStrategy, according to Michael Saylor, has more reserve capital than any other S&P 500 financial firm save one — Berkshire Hathaway.

The claim is based on a metric that MicroStrategy designed. The company's own investor presentation arrives at a figure $15 billion lower.

How MicroStrategy Got Here

MicroStrategy owns 845,050 bitcoin. In August 2020, it made its initial purchase of 21,454 coins costing $250 million. Those holdings are currently valued at roughly $65.2 billion. The firm ended a 10-week hiatus on August 31, acquiring 4,603 additional coins for $370 million.

Including $6.7 billion in dollar-denominated assets, the total reserve comes to $72.3 billion. CEO Phong Le mentioned approximately $72 billion on the same day, confirming the number.

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. $MSTR has outperformed BTC and our prefs are paying dividends and up 10%+. Fall could be quite interesting.

— Phong Le (@phongle) September 2, 2026

Le also said the firm had zero net leverage. The presentation supports that claim: dollar assets of $6.714 billion are nearly identical to total debt of $6.714 billion, following the company's accumulation of dollar reserves in August.

“Strategy now has more Total Reserve Capital than every financial services company in the S&P 500 except Berkshire Hathaway. $MSTR,” said Saylor.

Bitcoin is trading around $77,203, a 0.08% decline for the day. MSTR was near $122.30 on Wednesday, down 2.1%. The equity declined more than the cryptocurrency, a typical pattern during weak market conditions.

In late August, investors had responded positively to the cash accumulation, pushing MSTR close to $140.

The Metric Is MicroStrategy’s Own

The Total Reserve Capital measure removes senior claims from liquid reserves. For banks, deposits are considered senior claims. This explains why JPMorgan's figure is roughly negative $1.35 trillion.

In that metric, MicroStrategy stands at $66 billion. The company's August 30 presentation lists $21.5 billion in senior claims, of which $14.8 billion is preferred stock, and states a net reserve of $50.7 billion. The $66 billion figure appears only when preferred stock is excluded. Bank deposits are not excluded.

That same approach improves the ratio. Reserves amount to 10.75 times senior claims under this calculation. Including preferred stock reduces that multiple to 3.4.

MicroStrategy itself acknowledges this. The presentation describes these as supplemental figures that have significant limitations, not standard accounting.

Berkshire’s regulatory filing revealed $365.5 billion in cash and Treasury bills as of June 30. That figure is verifiable. The ranking below it is not.