Investments in Bitcoin can offset losses from altcoins.
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Still, Back argued that Bitcoin-focused companies offer a potential way to recover losses from altcoins.
"I encouraged them to find an exit to altcoins," Back said in a response on X on Monday. "Perhaps they can recover their losses by switching to BTC through treasury companies," he added.
Corporate adoption continues to accelerate. On June 12, Mercurity Fintech Holding, which is listed on Nasdaq, announced its plans to raise $800 million to establish a "long-term" Bitcoin treasury reserve.
Three days earlier, the Paris-based cryptocurrency company The Blockchain Group announced its plans to raise $340 million for a corporate Bitcoin treasury, indicating growing institutional interest in Europe.
Despite lacking momentum, altcoins are also benefiting from institutional adoption. Interactive Strength, a fitness equipment manufacturer listed on Nasdaq, announced its plans to raise $500 million to establish a treasury of Fetch.ai tokens (FET), as reported by Cointelegraph on June 11.