Adam Back Sees Bitcoin Treasury Boom as Alternative to Altcoin Season

Investments in shares of public companies that hold reserves in the leading cryptocurrency offer speculators a profitable alternative to the altcoin season, according to Adam Back, co-founder and CEO of Blockstream.

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

— Adam Back (@adam3us) June 22, 2025

“Perhaps they can recoup their losses by switching to bitcoin through companies with treasuries,” the entrepreneur added.

Back noted that corporations accumulating digital gold “constantly buy cryptocurrency,” increasing its value per share. This makes the stocks attractive for investment. 

Firms use various tools to attract additional funds, such as private placements, convertible bonds, and ATM programs. 

According to Back, although these funds do not directly go into bitcoin, they enable enterprises to increase their purchases of the digital asset, positively affecting its value.

In April, the entrepreneur stated that purchases of the leading cryptocurrency into corporate reserves lead to sustainable “hyperbitcoinization,” which will increase its market capitalization to $100-200 trillion.

Corporate BTC Reserves Grow, but Experts Sound Alarm

According to BitcoinTreasury, more than 240 public companies now hold the leading cryptocurrency on their balance sheets. Over the past 30 days, this number has nearly doubled, yet the total volume of reserves increased by 13.4% to 834,779 BTC during the period.

The pioneer and leader in the segment, Michael Saylor’s Strategy, accounts for 592,345 BTC. This figure was achieved following the latest purchase of 245 BTC at ~$105,856 per coin, totaling around $26 million. The company announced this on June 23.

Strategy was the first to scale corporate investments in bitcoin, actively attracting equity and debt capital. In October 2024, the firm unveiled a corresponding three-year plan worth $42 billion. Some experts have seen signs of a financial pyramid in the company’s continuous and increasing issuance of securities, which could collapse at some point.

Analysts at Coinbase Institutional believe that even greater systemic risks to the leading cryptocurrency and the market as a whole are posed by imitators of Saylor’s company, such as Metaplanet, Semler Scientific, and Twenty One Capital.

Experts warn that during times of market stress, these enterprises may face the need to sell bitcoin reserves to cover obligations. This would exert pressure on the price of digital gold and could lead to a cascading effect. Strategy’s model is more resilient due to the relatively low average acquisition price of cryptocurrency—around $70,681. Its “clones” have a significantly higher entry threshold.

As reported, Bernstein forecasted that corporate bitcoin reserves will grow to $330 billion by 2029.

According to Architect Partners, by approximately the same time, a quarter of the companies in the S&P 500 list will hold the leading cryptocurrency as a long-term asset.