The adoption of the Bitcoin Treasury by a public company has become the new Altcoin season for crypto speculators, Adam Back said Monday.
Back, co-founder and CEO of BlockStream and inventor of Hashcash, said Bitcoin (BTC) Treasury season is “the new Alt SZN of speculators.”
Bitcoin’s Treasury firm has “recurring” BTC “to increase the number of bitcoins per bitcoin,” and is leveraging a variety of fundraising methods, including providing convertible memos, to accumulate the world’s first cryptocurrency, making it attractive to investors.
His comments came amid the wave of Bitcoin adoption for companies that have seen the number of public companies holding Bitcoin doubled since June 5th.
At least 240 public companies have held Bitcoin on their balance sheets from 124 companies just a few weeks ago, accounting for around 3.96% of their total BTC supply, according to Bitcointreasuries.net.
Back previously predicted that institutional and government adoption would be a $200 trillion market opportunity as the ultimate hyper-bitcoinization of the Bitcoin Treasury.
However, Bitcoin finance companies are also growing concerns with shareholders. For example, Japanese investment company Metaplanet’s Bitcoin Premium surged to $596,154 on May 27th. That is, shareholders pay more than five times their Bitcoin exposure through Metaplanet stocks.
Related: Genius Group Bitcoin Treasury increases by 52% when reassessing 1,000 BTC goals
Bitcoin investment could offset Altcoin losses
Still, Buck argued that Bitcoin-centric companies offer a pathway that could potentially recover losses from altcoins.
“I was encouraging them to find a way out of the alts,” he said in X’s response on Monday. “Maybe they can recover their losses by switching to BTC by the finance company,” he added.
Related: Swedish Parliament proposes Bitcoin Reserve to Finance Minister
Business recruitment continues to accelerate. On June 12, NASDAQ-registered Mercurity Fintech Holding announced plans to raise $800 million to set up a “long-term” Bitcoin Treasury Reserve.
Three days ago, Paris-based cryptocurrency company The Blockchain Group announced plans to raise $340 million for the company’s Bitcoin Treasury, indicating a growing institutional interest in Europe.
Despite the lack of momentum, altcoins also benefit from institutional adoption. Interactive Strength, a NASDAQ-registered fitness equipment manufacturer, has announced plans to raise $500 million to establish the Fetch.AI (FET) token Treasury Ministry, reported by Cointelegraph, which reported June 11th.
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