Berkshire Hathaway’s cash hoard climbed to a record $397.4 billion in the first quarter of 2026, the company reported Saturday, even as new chief executive Greg Abel kept the conglomerate’s long-running aversion to Bitcoin (BTC) intact.
The release marks the first quarterly disclosure since Buffett handed the chief executive role to Abel at the start of 2026, and crypto investors hoping for a softer line found none of it.
Cash Stacks, Crypto Stays Out
Operating earnings rose 18% to $11.35 billion in the quarter, lifted by a 28.5% jump in insurance underwriting profit to $1.72 billion, according to Berkshire’s release. Net income more than doubled to $10.1 billion.
The cash and Treasury bill position swelled past the previous $381.6 billion record set in the third quarter of 2025. Berkshire was a net seller of equities again, offloading $24.1 billion in stock against $16 billion in purchases.
Repurchases came in at $235 million, the first material buyback in nearly two years. None of the deployed or undeployed capital touched Bitcoin, spot Bitcoin ETFs, or any digital asset.
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Abel Holds the Anti-Bitcoin Line
Buffett, who attended the Omaha shareholder meeting alongside Abel, dismissed Bitcoin as ‘rat poison squared’ at the 2018 annual meeting and said in 2022 he would not pay $25 for the entire global supply of the token.
Abel has avoided public comments on crypto, yet his Q1 capital allocation mirrors that view.
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Berkshire’s distance is striking against the backdrop of growing institutional adoption. Spot Bitcoin ETFs have absorbed billions in inflows since their 2024 launch, and several public companies have added Bitcoin to corporate treasuries.
With a record T-bill stack and ongoing equity sales, Berkshire is signaling caution on valuations while keeping its distance from the asset class many crypto natives consider an alternative to cash.
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