But Veronika Kapustina, who leads TON Strategy, believes the story isn’t one of collapse — rather, it’s the early stages of a lasting financial model.
Hype Meets Reality
At Token2049 in Singapore, Kapustina admitted that the current pace looks overheated. Investors rushed into these vehicles through the summer, treating them as a quick-profit trade. That kind of capital influx, she said, naturally “has bubble vibes.” Yet unlike speculative crazes of the past, DATs serve a practical function: creating a bridge between traditional finance and blockchain-based economies.
Kapustina argued that the cycle will evolve. Many new treasuries could fade as the hype cools, but the stronger players will consolidate and attract steadier, long‑term investors. “It starts with euphoria, then consolidation, and eventually durable growth,” she suggested.
From Bitcoin Pioneer to Multi‑Chain Adoption
The model was first made famous by Michael Saylor’s Strategy Inc., whose decision to accumulate Bitcoin put DATs on the map. Now, however, the approach has spread well beyond BTC. Companies have begun establishing treasuries built around Ethereum, Solana, and even Toncoin, demonstrating broader confidence in the framework.
Kapustina sees potential for DATs to expand far beyond simply holding tokens. She envisions a path toward banking services, M&A activity, infrastructure building, and cross‑chain financial tools, which would give these treasuries a central role in the digital economy.
Billions in Corporate Holdings
The numbers show just how much capital has already been deployed. Corporations collectively hold over 1.3 million Bitcoin, equal to about 6.6 % of the supply and valued near $158 billion. On the Ethereum side, DATs control roughly 5.5 million ETH worth around $24 billion, according to industry trackers. Despite prices sitting close to record highs, accumulation hasn’t slowed.
A Long‑Term Bet on Utility
For Kapustina, the lasting value of treasuries won’t be measured solely in assets under management. Their real strength will come from the stability and utility they provide to blockchain networks themselves. “Treasuries aren’t just stockpiles of tokens,” she emphasized. “They can strengthen ecosystems and anchor the next phase of financial innovation.”
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