Bitcoin Fans Slam Billion-Dollar Rush for Altcoin Balance Sheets

A long-simmering clash between Bitcoin purists and altcoin advocates is reaching a high-stakes battleground: the corporate-treasury boom.

As companies load unprecedented sums of digital assets onto their balance sheets, the debate over which tokens belong — and why — is playing out through equity markets, with real capital now on the line.

The collision centers on two competing visions of how value should be stored and grown. On one side are the Bitcoin maximalists: firms built on the idea that a hard supply cap and ideological purity make Bitcoin the only legitimate treasury asset. On the other are altcoin ...