🧠 Altseason Is Dead — Long Live the Bitcoin Treasury Boom

Adam Back wants you to dump altcoins and buy Bitcoin… or stocks backed by Bitcoin. And he's not alone.

📈 From Shtcoins to Shares: A New Kind of Altseason

Adam Back — legendary cryptographer and CEO of Blockstream — just redefined what “altseason” means.

Forget low-cap tokens and memecoins. Back says the real altseason is corporate treasuries piling into Bitcoin, and the smart money is shifting from altcoins to BTC or BTC-heavy stocks like MicroStrategy and Metaplanet.

“You want alt exposure? Buy Bitcoin. Or buy the companies stacking it.”

🏦 The MicroStrategy Clone Army

Ever since Michael Saylor dropped the mic with his 42B BTC treasury strategy, companies have been copying the playbook:

• Raise funds via convertible bonds or private placements
• Go shopping for Bitcoin
• Watch the per-share BTC value rise

It’s like buying a Bitcoin ETF, but with more risk — and possibly more upside.

Now, over 240 publicly traded companies hold BTC, according to BitcoinTreasury. That’s nearly double last month’s number.

🔢 The Numbers Are Getting Wild

• Total BTC held by corporates: 834,779 BTC
• 30-day growth: +13.4%
• MicroStrategy: 592,345 BTC (and still buying)
• Latest buy: 245 BTC for 26M

Saylor’s cost basis? Around 70,681 per BTC. Newcomers like Metaplanet, Semler Scientific, and Twenty One Capital? Paying way more.

⚠️ Not All Bitcoin Treasuries Are Built the Same

There’s a catch. In a market crash, some of these Bitcoin-heavy companies could panic sell to cover debt or stabilize share prices.

Analysts warn:

“Imitators may be forced to dump BTC under stress — triggering chain reactions.”

Saylor’s MicroStrategy, though? Still seen as relatively bulletproof, thanks to a lower entry price and long-term game plan.

🔮 What Comes Next: 330 Billion in Corporate BTC?

• Bernstein thinks corporate BTC holdings could hit 330B by 2029
• Architect Partners predicts 25% of the SP 500 will hold BTC by then

Translation: This isn't just a bull market fad — it's a structural shift in how companies store value.

🧭 Adam Back’s Strategy in One Line

Ditch the altcoins. Buy Bitcoin directly, or buy shares in companies backed by Bitcoin reserves.

It’s simple, scalable, and increasingly institutional.

TL;DR

Adam Back just dropped a new thesis: The next altseason is about Bitcoin treasuries — not altcoins. With over 240 public companies stacking BTC and MicroStrategy leading the charge, the momentum is shifting toward Bitcoin-first investments.

But stay sharp: Not all treasury stocks are created equal, and a market panic could still shake loose some weak hands.