Strategy, a publicly traded American company co-founded by Michael Saylor, is making headlines as rumors swirl about its massive $46 billion BTC stash being used as a potential backdoor for a US strategic Bitcoin reserve. The speculation arose after a crypto analyst claimed that Tom Lee, a well-known financial analyst and Wall Street strategist, suggested that Saylor might be buying BTC on behalf of the US government.
Strategy’s BTC Stash Linked To US Bitcoin Reserve
A new development in the Bitcoin accumulation race has erupted after crypto analyst Lupin claimed in an August 10 post on X social media that Lee has confirmed his long-standing belief that Saylor may be acquiring BTC for the US government. In a recent podcast appearance, Lee revealed that Strategy currently controls 3.2% of Bitcoin’s circulating supply, valued at around $46 billion.
The Wall Street strategist had claimed that the company plans to boost its holdings to at least one million BTC, representing roughly 5% of the total network. He characterized this ambitious goal as establishing a “sovereign put,” potentially making Strategy’s BTC stash strategically important to the United States.
While Strategy’s goal of acquiring a million BTC may be achievable, Lee argued that it would be nearly impossible for the US government to make such a purchase openly without triggering an extreme supply shock. He claims that publicly announcing a buy of that scale would likely shrink sellers within the market and drive the price of Bitcoin to $1 million instantly. Based on this view, Strategy could serve as a more discreet channel for building a US strategic Bitcoin reserve.
Treasury Could Be Buying ETH For US Government
Notably, Lee’s statement lands alongside significant institutional moves highlighted by Lupin within the crypto market. The crypto analyst reported that in under 30 days, Bitmine, a blockchain technology company, has become the largest holder of the world’s 25th biggest asset. Meanwhile, at least five corporations have launched Ethereum strategic reserves in 2025, with plans to raise billions to accumulate ETH.
This sudden rush in Ethereum has raised questions from Lupin about whether one of the top five treasuries could also be quietly buying ETH on behalf of the US government. The analyst also noted that these moves have renewed focus on HEX founder Richard Heart’s aggressive Ethereum accumulation in early 2024. According to Lupin, Heart’s decision now appears almost prophetic, given the surge of institutional activity that followed in mid-2025.
Overall, the convergence of Strategy’s escalating BTC accumulation, Bitmine’s rapid asset consolidation, and the growing institutional embrace of ETH has left Lupin questioning just how bullish the current market may be. Amid these shifts, Strategy has kept up its aggressive buying spree, most recently adding 155 BTC, valued at $18 million, to its massive Bitcoin portfolio. The publicly traded company now holds a total of 628,946 BTC, acquired for a whopping $46.09 billion at $73,288 per token.
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