Strategy’s Bitcoin Treasury Climbs to $65B, Rivals Cash Holdings of Top U.S. Corporates

Strategy (MSTR) has amassed nearly $65 billion worth of bitcoin, positioning it as the 11th largest U.S. corporate treasury holder of the asset—a level that rivals the cash reserves of some of the country’s biggest firms.

In a new investor presentation tied to its STRD at-the-market equity program, Strategy highlighted how its bitcoin holdings compare with traditional cash balances on corporate balance sheets. At the top of the list is Berkshire Hathaway, boasting $410 billion in cash and cash equivalents, followed by NVIDIA (NVDA), the world’s largest company by market capitalization, with $66 billion.

MSTR reported it’s on pace to hit its 2025 goals for both bitcoin percentage yield and absolute dollar gains. So far, the company has delivered a 19.7% bitcoin yield, approaching its 25% target, while its bitcoin dollar gain stands at $9.6 billion against a $15 billion goal. The firm also recorded an unrealized $14 billion gain on its digital asset holdings during the second quarter.

Strategy’s perpetual preferred shares have posted strong performance relative to the iShares Preferred and Income Securities ETF (PFF), which the company uses as a benchmark. Since launching on Jan. 31, STRK is up 51%, while PFF has fallen 3%. STRF, which began trading on March 21, has gained 38%, compared to a 1% decline in PFF. Meanwhile, STRD has climbed 12%, outpacing PFF’s 2% increase.

As part of its ambitious $42 billion fundraising initiative, Strategy has already raised $23.9 billion and still retains $34.1 billion in fixed-income capacity under the program.