Is The BTC Hoard Strategy Paying Off? A Goldbug doesn’t care.
Michael Saylor's Strategy, formerly of MicroStrategy, continues to be committed to stockpiling Bitcoin, while also strengthening its ranks in the leadership of public companies that hold BTC.
Likewise, Tom Lee's Bitcoin Technologies is pulling its weight in front of Ethereum, and is leading public companies holding ETH.
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Peter Schiff's Criticism of the Multi-Billion Bitcoin Holdings Strategy
Last week, Strategy bought an additional 1,229 BTC for $108.8 million at an average of $88,568 per coin. This brings the company's total Bitcoin holdings to 672,497 BTC, an average of $74,997 per Bitcoin, and an estimated value of $50.44 billion.
Strategy reports a BTC yield of 23.2% YTD 2025, sitting on an unexpected gain of $8.31 billion, or roughly 16% over five years.
Despite these impressive numbers, investor and Gold Maxi Peter Schiff said he is skeptical about the strategy's return. Schiff notes that a 16% return on paper over five years translates to an average annual return of more than 3%, a figure that is far lower than traditional asset classes.
“If Saylor had bought about any other asset rather than Bitcoin, MSTR would have done much better,” Schiff said, framing Bitcoin stocks as an inefficient capital allocation.
While Schiff questions the efficiency of the strategy's bitcoin holdings, the company's approach reflects a broader trend of institutional consolidation in the crypto market.
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MicroStrategy's long-term buy-and-hold strategy reflects confidence in Bitcoin as a store of value, amid debates over its potential value and potential earnings.
Tom Lee's BitMine pushes towards the ‘Alchemy of 5%' Ethereum goal
Parallel to the strategy Bitcoin plays, Tom Lee's Bit Min Immersion (BMNR) is making significant moves in Ethereum.
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BitMine bought an additional 44,463 ETH last week, bringing its total holdings to 4,110,525 Ether tokens, worth $12.02 billion. This represents 3.41% of the total ETH supply.
Additionally, BitMine holds 408,627 staked ETH, the MAVAN staking solution is on track for a Q1 2026 launch.
BitMine's total crypto, cash and “moonshots” holdings total $13.2 billion, with $1 billion in cash and $23 million in other strategic investments.
The company is backed by institutional investors such as ARK's Catie Wood, Founders Fund, Pantera, Galaxy Digital, Kraken and private investor Tom Lee. BitMine has established itself as one of the most widely traded US stocks, with an average daily trading volume of $980 million, ranking #47 out of 5,704 listed stocks.
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The contrasting approaches of Strategy and BitMine highlight an ongoing debate in the institutional crypto arena. While the strategy focuses on Bitcoin reserves, BitMine significantly expands its Ethereum treasury and stock operations.
Both strategies point to growing institutional confidence in digital assets, but Schiff's critique highlights the tension between capturing long-term gains and evaluating proven investment efficiency.
BitMine will host its annual shareholder meeting at the Wynn Las Vegas on January 15, 2026, with key ideas to achieve its “5% Alchemy” strategic plan in ETH.
Meanwhile, Strategy continues to quietly hoard bitcoins as the world's largest BTC treasury. This is despite the risks associated with MSCI exclusion.
