Michael Saylor says MicroStrategy now holds more reserve capital than every financial firm in the S&P 500 but one. Berkshire Hathaway is the exception.
The boast rests on a yardstick the company built itself. MicroStrategy’s own investor briefing lands on a number $15 billion smaller.
How MicroStrategy Got Here
MicroStrategy holds 845,050 BTC. Its first buy, in August 2020, was 21,454 coins for $250 million. That stack is now worth about $65.2 billion. It resumed buying on August 31, ending a 10-week pause with 4,603 coins for $370 million.
Add $6.7 billion in dollar assets and the reserve reaches $72.3 billion. Chief Executive Phong Le cited roughly $72 billion the same day, so the figure holds up.
Le also claimed zero net leverage. The briefing backs him. Dollar assets of $6.714 billion match total debt of $6.714 billion almost exactly, after the company built its dollar pools through August.
“Strategy now has more Total Reserve Capital than every financial services company in the S&P 500 except 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 near $122.30 on Wednesday, off 2.1%. The stock fell faster than the coin, as it tends to on soft tape.
Investors had rewarded the cash build in late August, lifting MSTR near $140.
The Metric Is MicroStrategy’s Own
Total Reserve Capital strips senior claims out of liquid reserves. Deposits count as senior claims for banks. That is why JPMorgan shows roughly negative $1.35 trillion.
The chart puts MicroStrategy at $66 billion. Its August 30 briefing counts $21.5 billion of senior claims, including $14.8 billion of preferred stock, and reports a net reserve of $50.7 billion. The $66 billion works only if that preferred stock is set aside. Bank deposits are not.
The same choice flatters the ratio. The chart shows reserves at 10.75 times senior claims. Count the preferred and it falls to 3.4.
MicroStrategy says as much itself. The briefing calls these supplemental measures with significant limitations, not accounting standards.
Berkshire’s filing shows $365.5 billion in cash and Treasury bills at June 30. That number is checkable. The ranking beneath it is not.