Despite growing speculation that corporate digital asset treasuries (DATs) are entering bubble territory, TON Strategy CEO Veronika Kapustina believes the long-term future of the sector remains strong.
Speaking on the sidelines of the TOKEN2049 conference in Singapore, Kapustina admitted that the rapid rise of DATs this year carries all the hallmarks of a bubble. “I think, look, obviously, it looks like it’s a bubble. As in, all the indicators look like it’s a bubble,” she said.
Earlier coverage: Coinbase: Crypto Treasury Firms May Soon Merge as Competition Heats Up
However, she stressed that unlike previous bubbles in both crypto and traditional finance, the current surge in digital asset treasuries represents the birth of a new financial segment. “DATs became the trade of the summer, and people saw it as fast money. Now we’re starting to see smarter investors look at the space more closely and differentiate the wheat from the chaff,” Kapustina explained.
According to her, the current frenzy will likely give way to a period of consolidation as some newly launched DATs struggle to meet ambitious targets. “There’s a lot of excitement for a surge in something new. Then it peters out, and a bit of consolidation follows. That’s when the real medium to long-term capital comes in,” she added.
From Saylor’s Bitcoin Bet to a Broader Model
Kapustina pointed to Michael Saylor’s Strategy Inc. as the pioneer of the corporate crypto treasury model, with its massive Bitcoin accumulation setting the stage. But she emphasized that the 2025 cycle has proven DATs extend far beyond Bitcoin alone.
“This year we’ve seen the model validated across multiple assets — not just Bitcoin, but also Ether, Solana, and even Toncoin through our own treasury,” she noted.
Looking ahead, she outlined several potential evolution paths for DATs, including infrastructure provision, the acquisition of banking licenses, mergers and acquisitions, and building technology bridges across blockchain networks. Over time, she argued, investors will come to recognize the true value of DATs not only as a bridge between TradFi and crypto but also as a mechanism to secure networks and enhance utility.
Billions Flow Into Corporate Crypto Treasuries
Despite cryptocurrencies trading close to record highs, corporate treasuries have continued to accumulate aggressively in 2025.
Data from BitcoinTreasuries.NET shows more than 1.3 million BTC — worth approximately $157.7 billion and representing 6.6% of the circulating supply — is now held by public and private treasuries.
Ether-based DATs have similarly expanded, accumulating 5.5 million ETH valued at around $24 billion, or 4.5% of the total supply, according to StrategicEthReserve. Toncoin and Solana treasuries are also growing in prominence, underlining the broadening scope of corporate digital asset strategies.
Kapustina’s comments reflect a growing belief among industry leaders that while the sector may experience turbulence and shakeouts in the short term, the long-term structural role of DATs in bridging traditional finance and crypto is only beginning to take shape.
Bitcoin DATs continue to load up. Source: BitcoinTreasuries.NET.