Adam Back, CEO of Blockstream, has declared the end of the altcoin season, urging investors to pivot their focus toward Bitcoin and Bitcoin treasury stocks.
Key highlights from his comments include a call for a transition away from altcoins and a noted rise in institutional interest, with over 240 public companies now holding Bitcoin as part of their treasury assets. Some companies with significant BTC reserves are trading at high premiums, raising questions about potential investor overexposure.
On Monday, Back stated on X, “TSRY SZN is the new ALT SZN for speculators,” further emphasizing, “Time to dump ALTs into BTC or BTC treasuries.” His remarks coincide with a growing trend among public companies, which are increasingly adopting innovative methods like convertible notes and equity offerings to accumulate Bitcoin.
According to Back, these companies are consistently buying Bitcoin to bolster their holdings, hence making them attractive options for investors seeking exposure to Bitcoin without directly purchasing the cryptocurrency.
Over 240 Firms Now Hold Bitcoin as a Treasury Asset
Data from BitcoinTreasuries.NET indicates a significant rise in the number of public companies holding Bitcoin, which has surged from 124 to over 240 since June 5. Collectively, these firms now own nearly 3.96% of Bitcoin’s total supply.
Back has been a longstanding advocate for institutional adoption as a means to promote what he refers to as “hyperbitcoinization.” He reiterated that companies focused on Bitcoin could provide an escape route for traders currently languishing in underperforming altcoins, suggesting that, “Maybe they can make back their losses by switching to BTC by way of treasury companies.”
Nonetheless, the high premiums at which some treasury firms are trading are raising eyebrows among investors. For example, Metaplanet, a Japanese investment firm, was reported to have traded at a premium exceeding $596,000 per BTC-equivalent on May 27, prompting concerns about overvaluation.
The push towards corporate Bitcoin adoption is gaining momentum. On June 12, Mercurity Fintech Holding, listed on Nasdaq, announced an $800 million funding initiative aimed at establishing a long-term Bitcoin reserve. Just days prior, France-based Blockchain Group revealed its own plans to raise $340 million to similar ends.
While interest in altcoins appears to be waning, institutional interest is not entirely absent. Interactive Strength, a fitness technology firm listed on Nasdaq, disclosed plans to raise $500 million to create a Fetch.ai token treasury, suggesting that there are still selective altcoin investments that retain appeal.
Utility over speculation.
Interactive Strength is allocating up to $500M to purchase $FET as a core component of their AI-powered fitness roadmap. This is what real-world AI adoption looks like. https://t.co/XyaZhUTVxm
— Fetch.ai (@Fetch_ai) June 12, 2025
Texas Establishes Public Bitcoin Reserve
In a notable development, Bitcoin adoption is gaining traction at both state and national levels. Last week, Texas became the first U.S. state to establish a publicly funded Bitcoin reserve, a move enabled by the recent passage of Senate Bill 21, signed by Governor Greg Abbott.
This reserve, managed by Texas Comptroller Glenn Hegar, is intended as a separate fund distinct from the state treasury. This strategy sets Texas apart from similar initiatives in Arizona and New Hampshire, which did not create distinct reserve funds.
At the federal level, President Donald Trump has signed an executive order aimed at creating a strategic Bitcoin reserve. While Texas forges ahead with its initiative, other states, including Florida and Arizona, have recently retracted or vetoed cryptocurrency legislation, citing concerns regarding market volatility and the sustainability of digital assets.
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