Berkshire Hathaway ended Greg Abel’s first quarter as chief executive with a record cash and Treasury position, keeping the conglomerate’s cautious capital stance firmly intact.
The company’s first-quarter earnings release showed operating earnings of $11.35 billion, up from $9.64 billion a year earlier, while net earnings more than doubled to $10.1 billion. Insurance underwriting, BNSF, energy, manufacturing, service, and retail operations all contributed to the quarter, with insurance underwriting earnings rising to $1.72 billion.
Berkshire’s cash, cash equivalents, and short-term Treasury holdings climbed to about $397.4 billion, a new high for the company. The increase came as Berkshire remained a net seller of equities, with financial press reports pointing to roughly $24.1 billion in stock sales against about $16 billion in purchases.
The quarter was important because it was Abel’s first full reporting period as CEO. Berkshire’s 2026 proxy statement confirms that Abel became chief executive on January 1, while Warren Buffett remains chairman after leading the company as CEO through the end of 2025.
The capital-allocation signal looks familiar. Berkshire kept building its cash buffer, stayed selective on equities, and made only modest repurchases. That suggests Abel is not rushing to put the balance sheet to work simply because the company has more dry powder than ever.
Crypto investors looking for a softer Berkshire stance on Bitcoin did not get one. Nothing in the quarter pointed to direct BTC exposure, spot Bitcoin ETF purchases, or a shift away from the anti-crypto posture Buffett made famous. Buffett’s long-running criticism remains part of the company’s market identity, including his 2022 statement that he would not buy all Bitcoin for $25, preserved in the CNBC Buffett Archive.
Berkshire’s record cash stack lands at a time when other public companies are moving in the opposite direction. Strategy and other Bitcoin treasury firms are using capital markets to accumulate BTC, betting that digital scarcity will outperform cash and Treasury bills over time.
That contrast has become one of the clearest divides in corporate finance. Berkshire is protecting optionality through cash, Treasury bills, insurance float, and patient equity selection. Bitcoin treasury companies are turning balance sheets into direct exposure to BTC upside, with the Saylor-led treasury model now drawing both institutional interest and heavy criticism.
Berkshire’s position is not passive in the way crypto bulls often frame it. A giant Treasury stack earns income, protects liquidity, and gives Abel room to strike when valuations improve. The tradeoff is that Berkshire remains outside an asset class that has become increasingly accepted through spot Bitcoin ETFs, corporate treasuries, and institutional custody rails.
Abel’s first quarter gave investors continuity rather than a reset. Berkshire still prefers cash, productive businesses, and patience over Bitcoin exposure. That leaves the market with a clean contrast: one of America’s most disciplined capital allocators is sitting on the largest pile of dry powder in its history, while Bitcoin treasury firms argue that the real opportunity is holding the asset Berkshire still refuses to buy.
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