Berkshire’s Billions: Abel Keeps the Purse Strings Tight, Bitcoin Still a ‘Rat Poison’ Affair

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Pray tell, what could be more diverting than the news of Berkshire Hathaway’s ever-burgeoning coffers? A sum of £397.4 billion, amassed in the first quarter of 2026, has been reported, while the new steward, Mr. Greg Abel, remains steadfast in his predecessor’s disdain for that most curious of novelties, Bitcoin (BTC).

This quarter’s disclosure, the first since Mr. Buffett relinquished the reins to Mr. Abel at the dawn of 2026, has left those of the crypto persuasion sorely disappointed. Not a whisper of leniency, not a hint of softening, has escaped the halls of Berkshire.

Cash Abounds, Crypto Remains Persona Non Grata

Operating earnings, we are informed, have ascended by 18% to £11.35 billion, buoyed by a most remarkable 28.5% surge in insurance underwriting profits to £1.72 billion. Net income, too, has more than doubled, reaching £10.1 billion. Yet, for all this prosperity, the crypto enthusiasts find themselves as welcome as a damp bonnet at a ball.

The cash reserves, now swelling to £397.4 billion, have surpassed the previous record of £381.6 billion set in the third quarter of 2025. Berkshire, it seems, has been a net seller of equities once more, parting with £24.1 billion in stock while acquiring a mere £16 billion. Repurchases, a modest £235 million, mark the first significant buyback in nigh on two years. And yet, not a farthing of this vast fortune has been directed toward Bitcoin, its ETFs, or any digital trifle.

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Mr. Abel Maintains the Anti-Bitcoin Fortitude

Mr. Buffett, who graced the Omaha shareholder meeting alongside Mr. Abel, once declared Bitcoin to be ‘rat poison squared’ at the 2018 gathering and asserted in 2022 that he would not part with £25 for the entire global supply of the token. Mr. Abel, though reticent in public, has demonstrated through his capital allocation that he shares this sentiment most thoroughly.

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Berkshire’s stance is all the more striking when contrasted with the growing vogue for institutional adoption. Spot Bitcoin ETFs have garnered billions in inflows since their launch in 2024, and several public companies have embraced Bitcoin in their treasuries. Yet, Berkshire remains as aloof as a debutante at her first ball, preferring the safety of T-bills and equities while shunning the asset class that many crypto enthusiasts hold as a modern alternative to cash.

With such caution on valuations and an unwavering distance from crypto, one cannot help but wonder if Berkshire is not merely guarding its purse strings but also its reputation for prudence in an age of financial folly.

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2026-05-02 19:45