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Berkshire Hathaway reported record cash and Treasury bill holdings of $397.4 billion for the first quarter of 2026, underscoring its conservative investment approach even after a leadership transition to new CEO Greg Abel. The results are the conglomerate’s first earnings report since Warren Buffett stepped down as chief executive at the start of the year.
Operating earnings rose 18% to $11.35 billion, supported by a strong increase in insurance underwriting. Underwriting income surged 28.5% to $1.72 billion. Net income more than doubled to $10.1 billion, reflecting continued strength across Berkshire’s core business segments.
Berkshire’s cash reserves exceeded its prior record of $381.6 billion set in the third quarter of 2025. During the quarter, the company was a net seller of equities, selling $24.1 billion in stocks while purchasing $16 billion.
Share buybacks totaled $235 million, described as the first notable repurchase activity in nearly two years.
Berkshire reported that none of its capital—either invested or held—was allocated to Bitcoin, spot Bitcoin ETFs, or any other cryptocurrency. The company’s stance aligns with Warren Buffett’s long-standing criticism of Bitcoin, including his characterization of it as “rat poison squared.” While Greg Abel has largely avoided public commentary on crypto, Berkshire’s capital allocation decisions indicate continuity with Buffett’s cautious perspective.
Berkshire’s avoidance of Bitcoin stands out as institutional adoption of digital assets has increased. Since the launch of spot Bitcoin ETFs in 2024, billions of dollars have reportedly flowed into the market, and multiple corporations have added Bitcoin to their balance sheets. Against that backdrop, Berkshire’s growing cash position and equity sales point to a focus on liquidity and valuation discipline rather than exposure to volatile assets.
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