Warren Buffett’s Berkshire Hathaway Now Owns 5.1% of the Entire U.S. Treasury Bill Market

Warren Buffett’s Berkshire Hathaway (BRK.A)(BRK.B) reported earnings this Saturday, and his staggering cash and Treasuries position only continues to grow. According to the report, Buffett continued to ramp up his position in U.S. Treasury bills to an astonishing $314.101 billion, solidifying its dominance as the single largest non-government holder of short-term U.S. debt. As of March 31st, 2025, the entire U.S. T-Bill market sits at $6.155 trillion, meaning his gargantuan stake now amounts to 5.1% of the entire Treasury market. This is a 21% increase increase from last quarter, when Buffett’s Treasury stake stood at 4.89%.The total dollar amount is $314.1 billion, up from $300.87 billion last quarter. The stance continues a multi-year trend of Berkshire hoarding cash while gradually offloading equities. Despite a recent pullback driven by renewed tariff tensions, major indices remain elevated, with the S&P 500 Index (SPY) just 7% off its all-time highs. Market strength is being buoyed by transformative trends in artificial intelligence (AI), quantum computing, and fusion energy — all of which are fueling investor optimism even amid global economic uncertainty.This exuberance, however, is leading to frothy valuations across the board, from speculative small caps to megacap tech giants in the FAANG cohort. Buffett, ever the valuation hawk, is notorious for his disciplined patience — famously choosing to “wait for the fat pitch” rather than chase momentum. With valuations stretched and few attractively priced opportunities in sight, Berkshire’s growing war chest suggests Buffett is waiting for broader dislocations before redeploying capital in size.Berkshire Hathaway has now been offloading stocks for 10 straight quarters. This trend, coupled with hoarding short-term Treasuries, suggests Buffett is still expecting lower lows in the equities market. Don’t Miss: Think it’s too late to invest in the booming AI sector? This one’s still under the radar Apple Just Entered This $160 Billion Industry—This Pre-IPO Tech Play Could SoarBerkshire’s relatively cautious stance reflects two core factors: First, short-term yields are attractive. The average T-bill is currently yielding around 4.36%, offering investors like Buffett a compelling risk-free return while they wait for better opportunities. Second, there’s a scarcity of undervalued targets. Despite sitting on a cash trove larger than the GDP of many countries, Buffett has largely avoided large-scale acquisitions in recent quarters, likely from sky-high asset valuations and a lack of compelling deals.Bigger Than the FedPerhaps most remarkably, Berkshire’s T-bill holdings now exceed those of the U.S. Federal Reserve, which currently maintains a portfolio of roughly $195 billion in short-term Treasuries. That milestone underscores just how outsized Berkshire’s position has become — a vivid reminder of its unmatched capital reserves. Buffett’s massive stake in Treasury bills sends a strong signal about institutional attitudes toward risk in today’s market. With trillions in market capitalization lost this year and persistent inflationary and geopolitical headwinds, many investors are watching Berkshire closely as a bellwether for re-entry into equities.For now, the Oracle of Omaha seems content to wait. But with over $300 billion in highly liquid assets, any future buying spree by Buffett could ripple through markets quickly and decisively. On the date of publication, Caleb Naysmith did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.