Bitcoin treasury adoption by public companies has emerged as the new altcoin season for crypto speculators, according to Adam Back.
“Bitcoin treasury season is the new ALT SZN for speculators,” said Back, co-founder and CEO of Blockstream and the creator of Hashcash. “Time to dump ALTs into BTC or BTC treasuries,” he added.
Back noted that these Bitcoin-focused companies are repeatedly acquiring BTC to boost their Bitcoin holdings per share. Many are leveraging various financing strategies, such as convertible note offerings, to accumulate more Bitcoin and enhance their appeal to investors.
His remarks follow a surge in corporate Bitcoin adoption, with the number of public companies holding BTC having doubled since June 5.
According to BitcoinTreasuries.NET, at least 240 public companies now hold Bitcoin on their balance sheets, nearly doubling from 124 just weeks ago. These firms collectively account for approximately 3.96% of the total Bitcoin supply.
Back previously predicted that institutional and government adoption could turn Bitcoin into a $200 trillion market opportunity. He believes Bitcoin treasury firms are front-running hyperbitcoinization — a theoretical future in which Bitcoin replaces fiat currencies and becomes the dominant global currency, driven by its deflationary economic model.
However, Bitcoin treasury firms are also raising concerns among shareholders. For example, on May 27, Japanese investment firm Metaplanet’s Bitcoin premium surged to $596,154, indicating that investors were paying over five times the actual value of Bitcoin for exposure through its shares.
Bitcoin investments could help offset losses from altcoins
Still, Back suggested that Bitcoin-focused companies might provide a way for investors to recover their altcoin losses.
“I was encouraging them to find a way out of alts,” Back said in a post on X Monday. “Maybe they can recover their losses by shifting to BTC through treasury firms,” he added.
Corporate adoption of crypto continues to gain momentum. On June 12, Nasdaq-listed Mercurity Fintech Holding revealed plans to raise $800 million to build a “long-term” Bitcoin treasury reserve.
Just days earlier, on June 9, Paris-based cryptocurrency firm The Blockchain Group announced a $340 million fundraising initiative to create a corporate Bitcoin treasury, highlighting growing institutional interest in Europe.
While altcoins have struggled to gain traction, they too are beginning to see institutional support. On June 11, Cointelegraph reported that Nasdaq-listed fitness equipment maker Interactive Strength plans to raise $500 million to establish a Fetch.ai token treasury.
