Berkshire Hathaway (NYSE: BRK.A, BRK.B) came out of the second quarter with much stronger operating profit, while CEO Greg Abel kept the company’s position on crypto firmly cold.Earnings from Berkshire Hathaway’s operating businesses rose 16% to $12.98 billion, compared with $11.16 billion in the same quarter last year.Berkshire Hathaway spent about $4.5 billion buying back its own stock during Q2, far above the $235 million used for repurchases during the first quarter.Berkshire also bought more public stocks than it sold for the first time after 14 straight quarters of being a net seller. Net stock buying came close to $20 billion during the three months through June.Berkshire Hathaway spends more cash as energy, railroads and manufacturing push profit higherThe operating numbers were led by businesses outside insurance. Berkshire’s manufacturing, service, and retail companies produced $4.47 billion in earnings, representing a 24% increase from the comparable period last year.Berkshire Hathaway’s giant cash balance fell as Greg started spending more of it. The company finished June with $365.5 billion in cash, down from the record $397.4 billion it held three months earlier. Some of that money went into share repurchases and stock purchases.Warren has accumulated that pile of cash over the years, being conservative in his attitude toward stocks.Prior to handing the CEO role, he had frequently mentioned how hard it is to find good prices on public stocks. That resulted in a big chunk of Berkshire Hathaway’s cash holdings being placed into US Treasuries.The investors have been eagerly looking forward to the news of how Greg will allocate this capital once he gets into control. In Q2, it became quite obvious how he would deal with equities: Berkshire Hathaway purchased nearly $20 billion worth of stocks more than it sold.The company’s own shares have not kept pace with the broader market this year. Berkshire Hathaway stock is up about 3% in 2026, while the S&P 500 has gained roughly 13%. Berkshire shares have done better more recently, rising about 9% during the past three months.Berkshire also disclosed a larger position in Alphabet (NASDAQ: GOOGL, GOOG). By the end of June, the Google parent ranked among the company’s five biggest stock holdings by market value.The other names in that top group were American Express (NYSE: AXP), Apple (NASDAQ: AAPL), Bank of America (NYSE: BAC), and Coca-Cola (NYSE: KO).Earlier in 2026, Berkshire revealed that it had put $10 billion into Alphabet as the technology company raised funding for artificial intelligence spending. Warren had said he started the Alphabet investment after speaking with Greg about it.Greg Abel rejects crypto for now while Berkshire Hathaway keeps technology investments openCrypto investors are not getting the same treatment as Alphabet.Greg said Berkshire has no current plan to invest in cryptocurrency. He has avoided promising that the company will stay away forever, using a “never say never” position, but his present view is still negative.Greg has mentioned that he does not see a solid enough economic justification for the crypto market. Additionally, he has raised doubts about the production of anything tangible by the blockchain system, which is significant since Berkshire Hathaway has traditionally been associated with cash generating businesses.“I don’t think you’ll see crypto … I just don’t see it,” Greg told CNBC a few months ago.That stance leaves digital assets outside Berkshire’s current investment plans even as the company becomes more willing to spend elsewhere. Greg has already overseen billions of dollars in stock purchases, a much larger buyback program, the Taylor Morrison transaction, and further exposure to technology through Alphabet.Technology itself remains open territory for Berkshire.Greg said the company is paying closer attention to the technology used across its own businesses. That gives Berkshire Hathaway a better view of how certain systems work, where companies are spending money, and which public technology businesses could eventually fit its investment approach.“So technology will always be on the table,” Greg said.The smartest crypto minds already read our newsletter. Want in? Join them.