TLDR
- TON Strategy CEO sees early signs of a bubble but predicts long-term growth.
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Kapustina believes crypto treasuries will consolidate as the market matures.
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Staking income will help TON Strategy increase shareholder value over time.
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Corporate treasuries have accumulated significant crypto assets this year.
Veronika Kapustina, CEO of TON Strategy, recently addressed concerns about a potential bubble in the crypto treasury (DAT) sector. While acknowledging early signs of a bubble, Kapustina believes these fears are overblown. Speaking at the Token2049 conference in Singapore, she stated that although the market currently exhibits characteristics similar to a bubble, it represents a new financial segment that is still maturing.
Kapustina explained that the excitement around crypto treasuries has led to rapid investments, but as the market matures, smarter investors will emerge. “There’s a lot of excitement for a surge in something new,” she said. “Then it peters out, and a bit of consolidation happens before long-term capital comes in.”
DATs as a Bridge Between TradFi and Crypto
Kapustina also highlighted the unique role of digital asset treasuries in bridging traditional finance (TradFi) with the crypto world. According to her, DATs are not just about generating profits from crypto assets but also about providing essential infrastructure for the financial ecosystem.
She emphasized that this sector would continue to evolve, moving beyond the initial rush of investment to establish more stable and meaningful financial services.
Kapustina believes that while some newly launched DATs may struggle to meet their targets, the long-term outlook for the sector remains strong. She does not foresee a market crash but predicts that some companies might experience consolidation as they adjust to market conditions. The real value of these treasuries, she believes, will be recognized as their functionality and utility in securing networks become clearer.
TON Strategy’s Growth and Staking Strategy
TON Strategy, a company focused on holding Toncoin (TON), is actively staking a significant portion of its reserves to generate yield. As of late September 2025, the company had staked 82% of its Toncoin holdings, with plans to stake nearly all of its reserves by October 10.
This strategy is part of the company’s effort to use staking income to fund share buybacks, particularly when its stock price is trading below its net asset value (NAV).
The TON Strategy buyback program, announced on September 12, 2025, aims to increase shareholder value. By staking its Toncoin and generating income, the company expects to reach profitability and continue repurchasing shares at attractive prices. “This accretive approach – staking income in, buybacks out – reinforces our long-term focus on shareholder value,” Kapustina explained. The company has already repurchased over 1.5 million shares through this strategy.
Corporate Crypto Treasuries: Significant Growth in Asset Accumulation
Corporate crypto treasuries have been aggressively acquiring digital assets throughout 2025, contributing to the growing presence of crypto in corporate balance sheets. As of September 2025, over 1.3 million Bitcoin, worth approximately $157.7 billion, were held by corporate treasuries.
This represents 6.6% of the total Bitcoin supply. Similarly, Ether treasuries have accumulated 5.5 million ETH, valued at $24 billion, making crypto assets a more significant portion of these companies’ holdings.
Kapustina pointed out that, despite high market valuations, the demand for crypto treasuries remains strong. Companies are not only focusing on short-term profits but also on building long-term value. This shift toward sustained growth and strategic asset management is reflective of the broader trend in the crypto treasury space.
Long-Term Outlook for Crypto Treasuries
Kapustina is optimistic about the future of crypto treasuries, believing that while the market may face growing pains, the long-term potential is promising. As more companies integrate crypto into their operations and invest in secure, yield-generating strategies like staking, the sector will likely become more stable.
This evolution will make crypto treasuries an essential part of the global financial landscape, merging the best of traditional finance and blockchain technology.
Kapustina also sees various paths for the future of DATs, including potential banking services, acquiring banking licenses, and mergers and acquisitions. As the market matures, these treasuries will be better positioned to offer valuable services to both investors and the broader financial ecosystem.
