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Berkshire Hathaway’s investment in U.S. Treasury bills has expanded so dramatically that the conglomerate, led by Warren Buffett, is now the fourth-largest holder globally. According to estimates from JPMorgan, Berkshire owns roughly 5% of the total Treasury bill market—amounting to about $314 billion as of the end of March. This sizable stake surpasses the holdings of several major players, including foreign banks, the Federal Reserve, offshore money market funds, local government investment pools, and even stablecoin-related reserves.
JPMorgan highlighted how Berkshire’s Treasury bill holdings have more than doubled over the past year. The firm’s approach to acquiring these short-term government securities is methodical and consistent—Buffett is known to make large purchases at weekly Treasury auctions, often in $10 billion increments. Treasury bills are available in a variety of maturities, typically ranging from four weeks to 52 weeks, and are considered one of the safest and most liquid investments available.