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While a recent wave of corporate digital asset treasuries is starting to show signs of a bubble, the long-term outlook is positive, according to TON Strategy CEO Veronika Kapustina.
“I think, look, obviously, it looks like it’s a bubble. As in, all the indicators look like it’s a bubble,” Kapustina told Cointelegraph during the Token2049 conference in Singapore.
Kapustina explained that they are different from other bubbles we’ve seen in crypto and <a href="https://cointelegraph.com/news/binance-offers-crypto-as-a-service-solution-for-tradfi" rel="noopener noreferrer nofollow">TradFi</a> “because it’s a new segment of finance.” DATs became “the trade of the summer,” and people saw it as “fast money,” with a lot of “fast money going in,” she said.&nbsp;
<blockquote>
 “So we’re now having smarter investors look at it closely and really differentiate the wheat from the chaff.”&nbsp;
</blockquote>
Kapustina described <a href="https://cointelegraph.com/explained/ether-vs-bitcoin-treasuries-which-strategy-is-winning" rel="noopener noreferrer nofollow">DATs</a> as a “bridge between traditional finance and crypto,” adding that she doesn’t think there will be a crash, but there could be consolidation as newly launched DATs struggle to reach their targets.&nbsp;
“There’s a lot of excitement for a surge in something new. Then it peters out, and a bit of consolidation, and then the real medium to long-term capital comes in,” Kapustina said.
<h2 id="strategy-s-michael-saylor-the-treasury-pioneer">Strategy’s Michael Saylor, the treasury pioneer</h2>
Kapustina explained that while Michael Saylor’s Strategy Inc. pioneered the DAT model with Bitcoin (<a href="/bitcoin-price" rel="noopener noreferrer">BTC</a>), this year has proven the model works beyond just Bitcoin, with successful launches around Ether (<a href="/ethereum-price" rel="noopener noreferrer">ETH</a>), Solana (<a href="/solana-price-index" rel="noopener noreferrer">SOL</a>), and her own company, which is a treasury for <a href="https://cointelegraph.com/news/pavel-durov-funded-lifestyle-bitcoin-not-telegram" rel="noopener noreferrer nofollow">The Open Network’s</a> native token, Toncoin (<a href="/toncoin-price-index" rel="noopener noreferrer">TON</a>).
Related: <a href="https://cointelegraph.com/news/crypto-treasury-similar-risk-2000-dotcom-bust" rel="noopener noreferrer nofollow">Crypto treasury companies pose a similar risk to the 2000s dotcom bust</a>
Kapustina said there are several evolution paths for DATs, including infrastructure provision, potential banking services and acquiring banking licenses, mergers and acquisitions, and technology bridges between chains.
Over the long term, investors will be able to appreciate the true value of DATs from a “functionality perspective, from a utility perspective, for the networks they invest in, in terms of not just being a bridge between TradFi and crypto, but securing the network,” she said.&nbsp;
<h2 id="crypto-treasuries-accumulate">Crypto treasuries accumulate&nbsp;</h2>
Corporate crypto treasuries have been hoovering up digital assets all year, despite many cryptocurrencies <a href="https://cointelegraph.com/news/uptober-underway-btc-approaching-seven-week-high-20k" rel="noopener noreferrer nofollow">being close</a> to all-time high values.
There is currently more than 1.3 million BTC worth around $157.7 billion, equating to 6.6% of the circulating supply, in public and private corporate treasuries, <a href="https://bitcointreasuries.net/" rel="noopener noreferrer nofollow" target="_blank">according</a> to BitcoinTreasuries.NET.&nbsp;
Meanwhile, Ether DATs have scooped up 5.5 million ETH worth roughly $24 billion and around 4.5% of the total supply, <a href="https://www.strategicethreserve.xyz/" rel="noopener noreferrer nofollow" target="_blank">according</a> to StrategicEthReserve.&nbsp;
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 <img src="https://s3.cointelegraph.com/uploads/2025-10/0199a374-30c1-7889-b934-a7505dc6a20f" title="" alt="Crypto treasury ‘bubble’ fears overblown: TON Strategy CEO">
 <figcaption style="text-align: center;">
 Bitcoin DATs continue to load up. Source: BitcoinTreasuries.NET.&nbsp;
 </figcaption>
</figure>
Magazine: <a href="https://cointelegraph.com/magazine/bo-hines-us-president-donald-trump-crypto-job-tether-usa/" rel="noopener noreferrer nofollow">Quitting Trump’s top crypto job wasn’t easy: Bo Hines</a>
Additional reporting by Ciaran Lyons.

Crypto treasury ‘bubble’ fears overblown: TON Strategy CEO

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