Bitcoin Now Rivals Top US Corporate Treasuries – 11th Largest Cash Reserve Strategy Revealed

Move over, corporate cash hoarders—Bitcoin's playing in the big leagues now.

When the 11th largest US treasury strategy starts stacking sats alongside greenbacks, you know the game's changed. No more 'digital gold' whispers—this is a full-throated challenge to traditional balance sheets.

Wall Street's spreadsheet jockeys never saw this coming. While they tweak their 10-year DCF models, Bitcoin's eating their lunch with a volatility that makes CFOs sweat through their dress shirts.

Funny how 'risky asset' narratives crumble when it outpaces their precious money market funds. Maybe next they'll realize those 'safe' 0.5% yields are the real gamble.

What to know

• Strategy holds $65 billion in bitcoin, ranking 11th among U.S. corporate treasuries, close to NVIDIA’s $66 billion in cash.

• It's well behind Berkshire Hathaway’s $410 billion cash position.

MSTR’s perpetual preferred stock has outperformed the iShares PFF benchmark, with STRK up 51%, STRF up 38% and STRD up 12%, while working through a $42 billion capital plan.

Strategy (MSTR) now holds almost $65 billion in Bitcoin which makes it the 11th largest corporate treasury holder of bitcoin in the U.S.

In its investor presentation for the new STRD at-the-market equity program, Strategy compares itself to companies that hold cash on their balance sheets. Berkshire Hathaway ranks No. 1, holding $410 billion in cash and cash equivalents. Chipmaker Nvidia (NVDA), the world's largest company by market cap, holds $66 billion in cash and cash equivalents.

In the presentation, MSTR said it is on track to achieve both its bitcoin percentage yield and bitcoin dollar gain targets for 2025.

The target for bitcoin yield is 25%, and so far it has reached 19.7%. The dollar gain target is $15 billion, and that currently stands at $9.6 billion. Strategy also achieved an unrealized gain on digital assets of $14 billion in the second quarter.

MSTR’s perpetual preferred stock has outperformed the iShares Preferred and Income Securities ETF (PFF), which the Tysons Corner, Virginia company identified as its benchmark. STRK is up 51% since its Jan. 31 debut, while the PFF has lost 3%. STRF, which started trading March 21, has gained 38% versus a 1% drop in PFF. STRD is 12% higher, outpacing PFF's 2% advance.

As part of Strategy’s current $42 billion fundraising plan, it has issued $23.9 billion. It also has $34.1 billion of fixed income capacity left within the plan.