Warren Buffett’s Berkshire Hathaway Inc. (BRK.A, BRK.B) is the single largest private holder of U.S. Treasury bills, surpassing even the Federal Reserve’s own holdings. As of the end of the first quarter of 2025, Berkshire controlled about $305 billion in Treasury bills, while the Fed’s holdings had dropped to $195 billion.
This shift reveals much about Buffett’s take on today’s investment climate.
What Are Treasury Bills and Why Do They Matter?
Treasury bills (T-bills) are short-term debt securities issued by the U.S. government, with maturities ranging from four weeks to one year. They pay no periodic interest but are sold at a discount, with the investor receiving the full face value at maturity—the difference representing their return.
T-bills are considered among the safest investments globally, backed by the full faith and credit of the U.S. government. They are a preferred vehicle for managing large…
