Blockstream’s Adam Back Says Altcoin Season ‘Is Over’ — Time to Rotate Into Bitcoin Treasuries

Blockstream CEO Adam Back believes altcoin season is over, urging investors to rotate into Bitcoin and BTC treasury stocks instead.

“TSRY SZN is the new ALT SZN for speculators,” he wrote on X on Monday, adding, “Time to dump ALTs into BTC or BTC treasuries.”

Back’s remarks come as public companies ramp up Bitcoin accumulation through innovative financial strategies such as convertible notes and equity offerings.

These firms, he noted, are buying BTC “on repeat to increase Bitcoin per share,” making them increasingly attractive for investors seeking exposure to Bitcoin without holding the asset directly.

240 Firms Now Hold Bitcoin as a Treasury Asset

According to BitcoinTreasuries.NET, the number of public companies holding Bitcoin has doubled since June 5, rising from 124 to over 240. Collectively, they now hold approximately 3.96% of Bitcoin’s total supply.

Back, who has long championed institutional adoption as a path to “hyperbitcoinization,” reiterated his view that Bitcoin-focused companies offer a potential lifeline to traders stuck in underperforming altcoins.

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

yes but i was encouraging them to find a way out of alts. maybe they can make back their losses by switching to btc by way of treasury companies.

— Adam Back (@adam3us) June 22, 2025

Still, some treasury firms are drawing scrutiny for the high premiums investors are paying.

Metaplanet, a Japanese investment firm, traded at a premium of over $596,000 per BTC-equivalent on May 27, sparking concerns about overvaluation.

Momentum behind corporate Bitcoin adoption continues to grow. On June 12, Nasdaq-listed Mercurity Fintech Holding announced an $800 million raise to establish a long-term Bitcoin reserve.

Days earlier, France-based Blockchain Group revealed plans to raise $340 million for a similar move.

While altcoins lack the same traction, institutional interest hasn’t vanished entirely.

Interactive Strength, a Nasdaq-listed fitness tech firm, recently announced plans to raise $500 million to create a Fetch.ai token treasury, suggesting that selective altcoin bets still hold 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

Notably, Bitcoin adoption has gained momentum at both the national and state levels.

Last week, Texas became the first U.S. state to create a publicly funded Bitcoin reserve, following the passage of Senate Bill 21 signed by Governor Greg Abbott.

The reserve, overseen by Texas Comptroller Glenn Hegar, is designed as a standalone fund separate from the state treasury.

Unlike similar initiatives in Arizona and New Hampshire, Texas is creating a standalone reserve fund entirely separate from the state treasury.

On the Federal front, President Donald Trump signed an executive order establishing a strategic Bitcoin reserve.

While Texas moves ahead, other states are retreating from similar efforts.

Florida, Arizona, and several others have recently scrapped or vetoed crypto legislation over concerns about volatility and digital assets’ long-term viability.