Michael Saylor says Strategy Inc. plans to overtake Berkshire Hathaway's roughly $348 billion capital base within three to five years, funded almost entirely by Bitcoin. The executive chairman also argued that Berkshire's cash-heavy balance sheet is losing value every month. He wants Strategy to convert capital into Bitcoin instead of holding cash and Treasury bills.
Michael Saylor used Strategy Inc.'s Q2 2025 earnings call on August 2 to declare that the company intends to overtake Berkshire Hathaway's roughly $348 billion capital base within three to five years, powered almost entirely by Bitcoin. His plan: own the most capital, issue the strongest credit, and build the best equity in the market. In practice, that means buying a large amount of Bitcoin, then using debt and stock sales to buy still more.
Strategy already holds more than 640,000 Bitcoin
Strategy Inc., formerly known as MicroStrategy, holds more than 640,000 BTC, making it the largest corporate Bitcoin holder by a wide margin. Saylor calls the mechanism behind that stockpile the "Bitcoin flywheel": the company raises debt and equity in the capital markets, uses the proceeds to buy more Bitcoin, then points to the larger treasury to justify raising even more capital.
As a result, Strategy's stock has already outpaced Berkshire Hathaway shares over multiple time periods, largely because MSTR trades as a leveraged bet on Bitcoin's price. When Bitcoin rallies, Strategy rallies harder.
Saylor calls Berkshire's cash pile a slow bleed
Saylor also took direct aim at Berkshire's cash hoard, arguing that its reserves in Treasury bills and cash are destroying value at a rate of billions per month. His logic: if inflation erodes the purchasing power of dollars faster than T-bills generate yield, sitting on hundreds of billions in cash amounts to a slow bleed. His prescription is to swap that cash for Bitcoin as a hedge against currency degradation.
According to Crypto Briefing, Warren Buffett has called Bitcoin "rat poison squared," and Berkshire's cash-heavy approach reflects a different worldview — that dry powder lets the company buy businesses when markets panic. Saylor argues that logic no longer holds, and that converting capital into a scarce asset with a fixed 21 million coin supply is the better trade.
The risk in betting everything on one asset
But Strategy's entire valuation thesis rests on one asset. Bitcoin's price movements directly dictate the company's market capitalization and investor sentiment, and a prolonged Bitcoin bear market could threaten the debt instruments Strategy issued to fund its purchases. Whether the plan can scale to the $348 billion level Saylor is targeting also depends on continued market appetite for Strategy's debt and equity, which in turn depends on sustained confidence in Bitcoin's trajectory.
Source: Crypto Briefing
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