🔄 Altcoin Season is Out, BTC Treasury Trend is In
The inventor of Hashcash and CEO of Blockstream, Adam Back, has declared the rise of Bitcoin treasury adoption as the new altcoin season (“Alt SZN”) for speculators. His advice?
“Time to dump ALTs into BTC or BTC treasuries.” — Adam Back
This new thesis comes amid an explosion in corporate Bitcoin holdings, with public companies doubling their BTC exposure in just a few weeks.
📊 Corporate Bitcoin Holdings Surge
As of June 2025, at least 240 public companies now hold Bitcoin on their balance sheets—up from 124 firms earlier this month, according to BitcoinTreasuries.NET. Together, these companies now control 3.96% of the total BTC supply.
These companies include:
- MicroStrategy
- Metaplanet
- Semler Scientific
- And many newer entrants using convertible notes and other financing tools to accumulate BTC.
💰 Why Are Speculators Flocking to BTC Treasury Stocks?
Bitcoin treasury firms regularly buy BTC to increase their Bitcoin per share value—making their stock a proxy for Bitcoin exposure, often with added upside potential.
For instance, Japanese firm Metaplanet had a premium of $596,154 per BTC on May 27. That’s five times more than BTC’s actual price, due to investor demand for indirect exposure.
“Bitcoin treasury stocks are front-running hyperbitcoinization.” — Adam Back
🌍 What Is Hyperbitcoinization?
Back envisions a world where Bitcoin replaces fiat currencies, driven by:
- Inflation-resistant economics
- Institutional and government adoption
- Corporate balance sheet exposure
He previously called Bitcoin a $200 trillion market opportunity if this transition happens.
⚠️ Watch Out for the Premium Trap
While buying BTC via treasury stocks offers potential upside, it comes with significant premiums. Investors are essentially paying more for the liquidity and accessibility these companies offer. But that can also mean overvaluation risk.
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