Berkshire Hathaway Cash Hits $397B as Greg Abel Maintains Firm Stance Against Bitcoin

Berkshire Hathaway reported a record-breaking $397.4 billion in cash and Treasury bill holdings for the first quarter of 2026, reinforcing its conservative investment strategy even under new CEO Greg Abel. The announcement marks the conglomerate’s first earnings report since Warren Buffett officially stepped down as chief executive at the start of the year, handing leadership to Abel. Despite leadership changes, Berkshire’s long-standing skepticism toward Bitcoin and other digital assets remains unchanged.

The company posted strong financial results, with operating earnings rising 18% to $11.35 billion. Insurance underwriting played a key role in this growth, surging 28.5% to $1.72 billion. Net income also saw a significant increase, more than doubling to $10.1 billion. These figures highlight Berkshire Hathaway’s continued strength across its core business segments.

Berkshire’s cash reserves surpassed its previous record of $381.6 billion set in the third quarter of 2025. During the quarter, the firm was a net seller of equities, unloading $24.1 billion in stocks while purchasing $16 billion. Share buybacks totaled $235 million, marking the first notable repurchase activity in nearly two years. Notably, none of Berkshire’s capital—either invested or held—was allocated to Bitcoin, spot Bitcoin ETFs, or any other cryptocurrency.

Warren Buffett has long criticized Bitcoin, famously calling it “rat poison squared” and expressing skepticism about its intrinsic value. While Greg Abel has largely avoided public commentary on crypto, his capital allocation decisions suggest alignment with Buffett’s cautious perspective.

Berkshire Hathaway’s continued avoidance of Bitcoin stands out amid growing institutional adoption of digital assets. Since the launch of spot Bitcoin ETFs in 2024, billions of dollars have flowed into the market, and numerous corporations have added Bitcoin to their balance sheets. However, Berkshire’s growing cash position and ongoing equity sales indicate a focus on risk management and valuation concerns rather than chasing emerging trends.

As the investment landscape evolves, Berkshire Hathaway’s strategy underscores a commitment to traditional financial principles, prioritizing liquidity and stability over exposure to volatile assets like cryptocurrency.