Adam Back Defies Bitcoin Dip, Securing $35M for New Institutional BTC Treasury
Future Holdings AG, a Zurich-based bitcoin treasury firm led by Adam Back, has raised $35 million to expand its institutional-focused Bitcoin operations, a move that comes as the market faces renewed volatility and investor caution.
The company, known as Future, announced it secured 28 million Swiss francs (about $35 million) in a funding round led by Fulgur Ventures, Nakamoto, and TOBAM.
The firm is building a balance-sheet-driven model for institutional Bitcoin treasury management, aiming to bridge traditional finance with the digital asset economy.
Source: PRNewsWireFuture Holdings Expands From Switzerland With Institutional Bitcoin Treasury Vision
Future’s leadership includes industry veterans such as Chairman Richard Byworth of Syz Capital, CEO Sebastien Hess, and Bitcoin pioneer Adam Back, the creator of Hashcash, the cryptographic proof-of-work system that inspired Bitcoin’s mining mechanism.
Notably, the company’s operations cover four main areas, such as Bitcoin treasury management, institutional analytics, secure infrastructure, and advisory services.
Also, its strategy is built around giving institutions disciplined exposure to Bitcoin while ensuring compliance and operational resilience.
Byworth said Switzerland’s stable financial conditions make it an ideal base for an institutional Bitcoin treasury company, citing the country’s “0% base rate and 0.12% yield on ten-year bonds.”
He described the investment as a reflection of growing institutional confidence in Bitcoin amid global macro uncertainty.
In May, Adam believes that Bitcoin is significantly undervalued and could surge to between $500,000 and $1 million per coin during the current market cycle.
Bitcoin Dips Under $99K, Tests Long-Term Support Amid Whale Activity
The announcement comes at a volatile moment for the broader crypto market. Bitcoin fell below $99,000 on Tuesday, briefly touching lows of around $98,900 before rebounding to $101,800.
The drop marked its weakest level since June and drew attention from analysts after it slipped below its 365-day moving average, a level some see as a key macro indicator of trend reversals.
Julio Moreno, head of research at CryptoQuant, noted that the last time Bitcoin breached this indicator was during the onset of the 2022 bear market.
Despite the pullback, on-chain data suggests accumulation among long-term holders remains strong.
According to CryptoQuant contributor Darkfost, accumulator wallets, addresses that only buy and never sell, added a record 375,000 BTC over the past month, including 50,000 BTC during the latest price dip.
He said the trend, which has doubled monthly average accumulation since September, indicates renewed interest among institutional and long-term investors.
ETFs have also played a role in sustaining inflows. Although U.S. spot Bitcoin exchange-traded funds recorded more than $500 million in net outflows on Tuesday, the largest fund, BlackRock’s iShares Bitcoin Trust (IBIT), remained flat, signaling continued institutional positioning rather than a full retreat.
Some traders have called for calm, suggesting the correction is within historical norms. Data from Glassnode shows Bitcoin’s drawdown from October’s all-time high is about 21%, consistent with prior cycles.
Source: GlassnodeAnalysts say the move remains “within normal parameters,” with no signs yet of a structural breakdown.
Meanwhile, notable on-chain activity from large holders has stirred debate over short-term pressure.
Wallets linked to pseudonymous whale “1011short,” known for profitable short positions in past market swings, transferred about 13,000 BTC (worth roughly $1.48 billion) to Kraken since October 1.
Another early adopter, Owen Gunden, moved 3,265 BTC (worth $364.5 million) to the same exchange in late October. While these transfers don’t confirm immediate sales, they often precede increased trading activity and volatility.
Meanwhile, other corporate Bitcoin holders are taking defensive steps. Paris-based semiconductor company Sequans Communications sold nearly 970 BTC, roughly a third of its holdings, to repay debt and stabilize its balance sheet.
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