Strategy aims to surpass Berkshire Hathaway, says Michael Saylor

Michael Saylor has never been accused of thinking small. During Strategy Inc.’s Q2 2025 earnings call on August 2, the executive chairman declared that his company intends to overtake Berkshire Hathaway’s roughly $348 billion capital base within three to five years, powered almost entirely by Bitcoin. The plan, in Saylor’s framing, is straightforward: own the most capital, issue the strongest credit, and create the best equity on the planet. In English: buy a staggering amount of Bitcoin, use debt and stock sales to buy even more, and let the math do the rest. The Bitcoin flywheel, explained Strategy Inc., the company formerly known as MicroStrategy, now holds more than 640,000 BTC. That makes it the largest corporate holder of Bitcoin on Earth by a wide margin. Saylor’s playbook relies on what he calls the “Bitcoin flywheel.” The company issues debt and equity in the capital markets, uses the proceeds to acquire more Bitcoin, and then points to the growing Bitcoin treasury as justification for raising even more capital. Here’s the thing. Strategy’s stock has already significantly outpaced Berkshire Hathaway shares over multiple time periods, largely because MSTR acts as a leverage...