In the rapidly evolving world of cryptocurrency, one company stands out with its significant Bitcoin holdings: Strategy. This publicly traded firm, co-founded by entrepreneur Michael Saylor, has jumped into the spotlight as speculations rise about its massive $46 billion BTC stash potentially playing a crucial role as a backdoor for a US strategic Bitcoin reserve. Recent insights from crypto analysts imply that renowned financial strategist Tom Lee has indicated that Saylor’s BTC acquisitions might be made on behalf of the US government.
Linking Strategy’s Bitcoin Holdings to a US Reserve
The discussion around Bitcoin accumulation has taken a new turn, primarily fueled by claims from cryptocurrency analyst Lupin. On August 10, he tweeted that Lee’s long-held notion about Saylor buying BTC for governmental purposes might indeed be accurate. During a recent podcast, Lee noted that Strategy, which commands approximately 3.2% of Bitcoin’s circulating supply, is holding assets valued at an astonishing $46 billion.
Lee further implied that Strategy aims to escalate its holdings to at least 1 million BTC, which would amount to about 5% of Bitcoin’s total supply. He has described this objective as establishing a kind of “sovereign put,” suggesting that Strategy’s Bitcoin assets might hold strategic significance for the United States.
However, achieving the goal of acquiring a million BTC might pose a challenge; Lee argued the government would likely face hurdles in openly purchasing such a vast amount without causing a significant market ripple. He suggested that a public announcement for a purchase of this scale would likely deter sellers, propelling Bitcoin prices to unprecedented levels. Thus, utilizing Strategy as a more discreet mechanism for accumulating a US Bitcoin reserve might be a practical solution.
ETH Acquisition by Treasuries?
Interestingly, this conversation comes amid noteworthy movements within the cryptocurrency sector as highlighted by analyst Lupin. In just under a month, Bitmine, a blockchain expert, has emerged as the top holder of Ethereum’s 25th largest asset. In addition, a minimum of five corporations have embarked on establishing Ethereum strategic reserves in 2025, aiming to amass substantial amounts of ETH.
This swift uptick in Ethereum activities has raised intriguing questions about whether major treasuries might also be quietly enhancing their ETH holdings for the US government. Lupin pointed out the increased institutional focus surrounding HEX founder Richard Heart’s strategic accumulation of Ethereum early in 2024. Given the subsequent boom in institutional behaviors throughout mid-2025, Heart’s timing now seems almost prophetic.
As Strategy continues its determined BTC accumulation, alongside Bitmine’s rapid asset consolidation and the institutional shift towards ETH, Lupin is left to ponder the bullish potential of the market. Throughout these transformative periods, Strategy has maintained its intensive buying strategy, recently augmenting its holdings with 155 BTC worth about $18 million. This brings the firm’s total to an impressive 628,946 BTC, collectively valued at $46.09 billion with an average cost of $73,288 per coin.
