Bitcoin Treasuries Replace Altcoin Hype as Public Companies Accelerate BTC Adoption- Adam Black

Adam Back, CEO of Blockstream and the inventor of Hashcash, described the surge in Bitcoin treasury accumulation as the “new altcoin season” for speculators. “Time to dump ALTs into BTC or BTC treasuries,” he said on June 23 via X, encouraging investors to redirect their focus to firms heavily accumulating Bitcoin.

TSRY SZN is the new ALT SZN for speculators.
time to dump ALTs into BTC or BTC treasuries.

— Adam Back (@adam3us) June 22, 2025

The growing trend is underscored by a sharp increase in the number of public companies adding Bitcoin to their balance sheets. Since June 5, the count has nearly doubled—from 124 to 240—now collectively holding approximately 3.96% of Bitcoin’s total supply, according to BitcoinTreasuries.NET .

These companies are employing diverse funding mechanisms, including convertible note offerings, to acquire more Bitcoin to increase BTC per share consistently. The approach not only positions them as potential safe havens during altcoin downturns but also as speculative opportunities for investors looking to recoup previous losses.

“I was encouraging them to find a way out of alts,”

Back noted, referring to investors who suffered losses during past altcoin cycles.

“Maybe they can make back their losses by switching to BTC by way of treasury companies.”

However, this shift is not without its risks. Japanese investment firm Metaplanet recently drew attention when its Bitcoin premium surged to over $596,000—more than five times the price of BTC—highlighting concerns over stock overvaluation linked to Bitcoin exposure.

Despite this, institutional enthusiasm continues to mount. On June 12, Nasdaq-listed Mercurity Fintech Holding revealed plans to raise $800 million to build a long-term Bitcoin reserve. Days earlier, France’s Blockchain Group announced a $340 million raise for a similar initiative, reflecting expanding interest across Europe.

Back has previously forecasted that institutional and sovereign adoption could eventually push Bitcoin into a $200 trillion asset class as companies race to front-run a hypothetical future of “hyperbitcoinization”, where Bitcoin replaces fiat currencies as the dominant global medium of exchange.

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