Bitcoin Giant Strategy's Cash Reserve Was a “Smart” Move, Says BitMine’s Tom Lee

BitMine’s Tom Lee is doubling down on his long-running view that Strategy’s massive cash reserve—often criticized during Bitcoin’s sharp run-up—was actually one of the smartest strategic moves the company made in 2025. And in hindsight, his reasoning is hard to ignore.

For months, Strategy faced criticism for not going “all in” on Bitcoin during the early stages of the rally. Analysts argued the firm was missing upside by sitting on billions in dry powder. But as crypto volatility returned and Bitcoin swung between aggressive rallies and painful drawdowns, that reserve proved to be a powerful advantage rather than a drag.

Lee points out that holding cash gave Strategy flexibility at a time when other corporate Bitcoin holders were forced into defensive positioning. Mining companies were squeezed by rising difficulty, leveraged traders were flushed out by sudden sell-offs, and several public BTC-treasury firms were stuck with paper losses. Strategy, meanwhile, was able to step in and buy weakness—effectively turning volatility into an opportunity rather than a threat.

According to Lee, this approach signals a shift in how institutions will accumulate Bitcoin going forward: patience, liquidity, and timing will matter more than emotional conviction. “They waited, they preserved optionality, and now they’re buying when it counts,” he said.

If Lee is right, Strategy’s cash-first discipline may soon become the blueprint for the next generation of institutional Bitcoin treasuries.