Editor-selected (CryptoBriefing)
Strategy’s trading volume surpasses Berkshire Hathaway’s, marking a new era for Bitcoin proxy stocks
The company formerly known as MicroStrategy now trades more shares daily than Warren Buffett's conglomerate, a milestone that says as much about Wall Street's evolving relationship with Bitcoin as it does about MSTR itself.
A software company that pivoted to hoarding Bitcoin now moves more shares per day than the investment vehicle built by the most famous investor alive. Strategy Inc., the company formerly known as MicroStrategy, has surpassed Berkshire Hathaway in daily trading volume, a development that would have sounded like satire five years ago.
The crossover first occurred in late December 2025 and has persisted into 2026, with MSTR frequently ranking among the most actively traded stocks on US exchanges. On certain days in August 2026, the stock traded between 46 and 49 million shares, generating up to $4.4B in daily turnover and landing as the 10th-most active US equity.
From enterprise software to Bitcoin treasury
By mid-2026, Strategy held more than 800,000 BTC on its balance sheet. To put that in perspective, that’s roughly 4% of all the Bitcoin that will ever exist, concentrated in a single publicly traded company. The firm accumulated this position through a series of aggressive capital raises, including billions raised through preferred equity offerings designed specifically to fund additional Bitcoin purchases.
The result is a stock that now outpaces not just Berkshire Hathaway but also major financial institutions like Goldman Sachs and Morgan Stanley in daily trading volume. At various points, MSTR has ranked between the 25th and 27th most-traded US equity.
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Why volume matters
High volume in MSTR reflects several overlapping dynamics. First, the stock’s tight correlation with Bitcoin means it attracts activity whenever crypto markets move. Second, Strategy’s capital structure amplifies this effect. The company has raised billions through various equity and debt instruments to buy more Bitcoin, which increases the float and gives more traders access to shares. Short interest has also contributed to elevated turnover, as bearish bets require borrowing and returning shares, adding layers of trading activity on top of organic buying and selling.
Third, there’s the index and ETF effect. As MSTR’s market cap and trading volume have grown, it has attracted inclusion in various indices and become a core holding in several thematic ETFs, creating a self-reinforcing cycle where passive fund flows add to the volume generated by active traders.
For now, the volume numbers tell a clear story. Investors, whether they’re bullish, bearish, or simply trading the volatility, can’t stop watching MSTR. Warren Buffett’s Berkshire Hathaway was built to be the kind of stock you buy and forget about. Michael Saylor’s Strategy was built to be the kind of stock you can’t look away from. The trading volume reflects exactly that difference.