Strategy Executive Chairman Michael Saylor stated that the company's "total reserve capital" has surpassed all financial services companies in the S&P 500, second only to Berkshire Hathaway. The company account also mentioned that the goal is to hold the most capital, with reserves centered around Bitcoin.

This metric is self-built by the company: it deducts preferred debt from liquidity reserves. Bank deposits are counted as preferred debt for banks, so JPMorgan is about $1.35 trillion under this metric. The company's chart lists Strategy at about $66 billion. The August 30 briefing listed preferred debt at $21.5 billion (including about $14.8 billion in preferred stock), with net reserves at $50.7 billion; the $66 billion figure requires excluding preferred stock.

The company holds approximately 845,050 Bitcoins, valued at about $65.2 billion at the time, along with about $6.7 billion in dollar assets, totaling approximately $72.3 billion. CEO Phong Le stated that the $6.714 billion in dollar assets matches the $6.714 billion in debt, resulting in a net leverage close to zero. On August 31, after about ten weeks of halting purchases, the company bought an additional 4,603 Bitcoins at a cost of about $370 million.

The company has established dollar reserves to pay preferred stock dividends and debt interest, and has set up a framework for Bitcoin liquidation, with the board authorizing the sale of Bitcoin under specific conditions to supplement cash, dividends, or buybacks. Common stock was approximately $122 on that day, down about 2%. Since the first purchase of 21,454 Bitcoins in August 2020, the company has transformed from a software vendor into a Bitcoin treasury and "digital credit" issuance platform.

This comparison treats Bitcoin market value as reserves and bank customer deposits as liabilities, thus showing deposit-based financial institutions as negative on the same scale. Berkshire remains ahead due to insurance float and equity investment portfolio. This metric does not replace regulatory capital or recognized accounting net assets.

In market mechanics, buyers are shareholders of Bitcoin treasury who treat customized reserve ratios as valuation anchors, while sellers are issuers exchanging preferred stock and convertible bonds for Bitcoin. The driving force is a narrative competition rather than new consolidation rules. Funds flow from stock and preferred stock subscriptions into Bitcoin spot. The beneficiary is Strategy, which rises in ranking under this metric, while the pressured party is the narrative of large bank stocks measured by traditional Tier 1 capital and deposit size.

Source: Public Information