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BTC In a September 2 post, Michael Siler emphasized that Strategy's total reserve capital now exceeds that of all other financial companies in the index.
Berkshire Hathaway's total reserve capital is approximately $364 billion, followed by Strategy at approximately $66 billion. The gap between the two is still wide, but the fact that a company formerly known as an enterprise software company can climb to this level demonstrates how aggressive Strategy is in transforming its capital structure to Bitcoin.
"Strategy now has more total reserve capital than all financial services companies in the S & P 500 index except Berkshire Hathaway," Siler wrote.
Bitcoin-driven digital growth
Total reserve capital is a measure of Strategy preferences. It starts with unlimited cash and marketable securities, and then subtracts preferred claims, such as debt and preferred stock liquidation preferences.
For Strategy, the vast majority of its reserves are Bitcoin. The company holds 845,050 bitcoins, worth approximately $65.8 billion at recent prices, in addition to billions of dollars in cash and other liquid assets.
Strategy has made it clear that its goal is to continue to increase this reserve. In another post, the company said tersely: "Our ambition is to hold the most capital."
How positions grow
The company has funded its Bitcoin accumulation through years of equity financing, convertible bonds and preferred stock. It also maintains a certain dollar liquidity buffer to pay interest and preferred stock dividends.
Recent operations include selective sales of bitcoins to build cash reserves, followed by a return to buying last week, purchasing more than 4,600 bitcoins.
The result is a balance sheet more like a leveraged Bitcoin instrument.
For now, these numbers place Strategy among the rarest companies. Among the S & P 500 financial sectors, only Berkshire Hathaway still exceeds it on the indicator of total reserve capital.
