The corporate landscape of financial reserves has been rewritten. Strategy, formerly known as MicroStrategy, now controls total reserve capital that surpasses the figures of all financial institutions in the S&P 500 index. The only exception is Warren Buffett's legendary Berkshire Hathaway. This is not just a statistic, but a marker of a fundamental shift in corporate capital management strategy.
However, it is worth noting right away: such an impressive figure is the result of Strategy's own calculation methodology, which raises questions among conservative analysts. In the official presentation for investors, the company shows a more modest amount of $15 billion, but uses a different valuation approach.
The path to the top: from $250 million to $72 billion
Strategy holds 845,050 BTC on its balance sheet. The company made its first tranche back in August 2020, spending $250 million on 21,454 bitcoins. Today, these coins are valued at approximately $65.2 billion. Purchases resumed on August 31 after a ten-week pause: the company added 4,603 BTC for $370 million.
Including $6.7 billion in dollar-denominated assets, total reserves reach $72.3 billion. Notably, CEO Phong Le cited a nearly identical figure on the same day—around $72 billion—confirming the consistency of the data.
Le also emphasized the absence of net leverage: dollar-denominated assets of $6.714 billion almost fully cover debt of a similar size. This is an important signal for investors concerned about the company's financial stability.
Metric specifics: what lies behind the numbers
The Total Reserve Capital metric does not account for senior claims—obligations that are settled first, such as bank deposits. For JPMorgan, this figure goes to approximately minus $1.35 trillion. On the chart, Strategy stands at $66 billion, but the presentation from August 30 reveals the details: $21.5 billion in senior claims, of which $14.8 billion are preferred shares, with net reserves at $50.7 billion.
The $66 billion figure only appears when preferred shares are excluded from the calculation, which clearly inflates the ratio of reserves to senior obligations. On the chart, it reaches 10.75, but drops to 3.4 when preferred shares are included. Strategy itself calls this metric "supplementary, with significant caveats."
Berkshire's report shows $365.5 billion in cash and Treasury bonds as of June 30—this figure can be verified. Strategy's position in the ranking, however, cannot.
My view: despite the methodological nuances, Strategy's achievement is symbolic. The company has turned bitcoin into a corporate reserve asset, challenging traditional financial institutions. However, investors should remember: behind the flashy headlines lies a complex liability structure, and risk assessment cannot rely solely on marketing metrics.