In a striking demonstration of conservative financial positioning amidst global market uncertainty, Warren Buffett’s Berkshire Hathaway has amassed a staggering $300.87 billion in U.S. Treasury bills, accounting for an estimated 4.89% of the entire T-bill market, according to Berkshire’s latest financial reports.
The Numbers Behind the Stake
According to Berkshire Hathaway’s (BRK.A) (BRK.B) latest financial disclosures, the company held:
- $14.4 billion in U.S. Treasury bills classified as cash equivalents (with maturities under three months), and
- $286.47 billion in short-term investments explicitly allocated to Treasury bills.
This brings the conglomerate’s total T-bill holdings to $300.87 billion.
Meanwhile, data from the U.S. Department of the Treasury’s Monthly Statement of the Public Debt (MSPD) reports that the total T-bill market stood at approximately $6.15 trillion at the end of March 2025. That means Buffett's holding represents nearly 1 in every 20 dollars circulating in the U.S. Treasury bill system.
Buffett’s Strategic Conservatism
Buffett has long championed liquidity and risk aversion in times of elevated asset valuations or economic ambiguity. Treasury bills, short-dated government securities known for their safety and near-zero default risk, have become a favored parking spot for Berkshire’s growing cash hoard. This isn’t a strategy unique to Berkshire Hathaway. Apple, for example, has a respectable $30 billion cash and cash equivalents position, of which $15.5 billion is in Treasury securities.
The company’s cash reserves — already famous for dwarfing the GDP of several nations — have now surpassed $334 billion, with 90% of that total in T-bills alone.
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Why So Many T-Bills?
The rationale is twofold:
- Higher short-term yields: As of April 2025, the average T-bill yields 4.359%, offering compelling risk-free returns compared to riskier equities and fixed-income alternatives.
- Limited attractive investment targets: Despite Berkshire’s sprawling operations across insurance, energy, railroads, and consumer goods, Buffett has remained conservative on major acquisitions in the past two years, citing high valuations and a competitive dealmaking landscape.
Bigger Than the Fed
Staggeringly, Berkshire now holds more T-bills than the U.S. Federal Reserve, which currently has holdings of just over $195 billion in Treasury bills. That milestone exemplifies just how large Buffett’s position in short-term government debt has become — and how few corporate players can rival it.
Buffett’s massive footprint in the T-bill market signals strong institutional demand for low-risk instruments and may serve as a cautionary tale for investors chasing yield in riskier assets.
As macroeconomic conditions evolve, all eyes currently remain on Buffett’s capital allocation moves. Many are speculating as to when Berkshire Hathaway will begin buying U.S. securities again. With many indices already well off their highs, many are looking to Buffett as a signal to start buying. While trillions have been wiped off the stock market so far this year, if Buffett begins buying again, things could turn around fast with such a notable amount of dry powder ready to go and the ripple effects from that buying.
For now, however, the Oracle of Omaha appears content to sit on a fortress of Treasury bills, waiting for a “fat pitch.”
