Phong Le and Adam Back see a new wave of Bitcoin-native public companies coming.

Strategy's Phong Le described Bitcoin as a neutral, winning technology delivering superior returns — framing that positions BTC less as a speculative bet and more as a foundational treasury asset. Adam Back, Blockstream CEO and one of Bitcoin's earliest contributors, went further: he pointed to an incoming wave of public companies built natively around Bitcoin rather than simply holding it on their balance sheets.

The distinction matters. A company that holds BTC is a proxy; a company built around Bitcoin's rails is a different category of equity entirely. If Back's read is correct, the next cycle of institutional adoption may look less like ETF flows and more like a new class of listed businesses whose core operations are Bitcoin-native.