Strategy says its combined Bitcoin and cash holdings now exceed the reserve capital of every S&P 500 financial services firm except Berkshire Hathaway. The claim rests on a proprietary metric the company calls "Total Reserve Capital," and it follows Strategy's resumption of Bitcoin buying after a 10-week pause.
Michael Saylor says Strategy, the company formerly known as MicroStrategy, now holds more reserve capital than nearly every financial firm in the S&P 500. The only firm still ahead is Warren Buffett's Berkshire Hathaway, which holds roughly $365.5 billion in cash and Treasury bills as of June 30, 2026.
The metric behind the claim
As of August 30, 2026, Strategy held approximately 845,050 BTC with an acquisition cost of about $63.73 billion, plus around $6.7 billion in cash. By Saylor's math, that puts the company's "Total Reserve Capital" between $66 billion and $72.3 billion, depending on how certain assets are valued.
"Total Reserve Capital" is not a standard financial reporting term. It is a proprietary metric, crafted by Strategy, that bundles the company's Bitcoin treasury and its USD cash position into a single headline number. Traditional financial firms, by contrast, hold capital in forms that are regulated, stress-tested, and subject to standardized disclosure requirements.
Bitcoin buying resumes
The comparison came shortly after Strategy resumed its Bitcoin acquisition program. On August 31, 2026, the company purchased an additional 4,603 BTC for approximately $370 million, breaking a 10-week pause in buying activity.
That purchase brought the total stash to its current level of 845,050 BTC, and Strategy now controls roughly 4% of Bitcoin's total circulating supply. Yet MSTR shares were trading around $122.30 at the time of the announcement, a slight decline rather than a rally.
Scrutiny over the numbers
Saylor has pursued this strategy since August 2020, when the company made its first Bitcoin purchase, funding acquisitions along the way through convertible debt offerings, equity issuances, and operating cash flow. The company rebranded from MicroStrategy to Strategy earlier in 2026, and in mid-2026 it introduced a Digital Credit Capital Framework and USD Reserve Policy meant to cover preferred dividends and interest payments for at least the next twelve months.
But the proprietary nature of the "Total Reserve Capital" metric warrants scrutiny. Critics have noted the figure may exclude certain senior claims against the company's assets, which would change the picture meaningfully. For investors evaluating MSTR, the key variables remain unchanged: Bitcoin's price trajectory, Strategy's cost basis relative to current market value, and its ability to service debt without forced liquidation of its Bitcoin holdings during a downturn.
Source: Crypto Briefing
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