TON Strategy CEO Veronika Kapustina acknowledged early bubble indicators in the digital asset treasury sector but maintains a positive long-term outlook. Speaking at the TOKEN2049 conference in Singapore, she explained that medium and long-term capital will enter as the market matures.
Kapustina stated that while all indicators suggest a Ethereum bubble, digital asset treasuries differ from previous crypto and traditional finance bubbles. She described the sector as a new segment of finance that became “the trade of the summer” with fast money flowing in. Smarter investors are now differentiating quality projects from weaker ones.
She characterized digital asset treasuries as a bridge between traditional finance and crypto. Kapustina does not expect a crash but anticipates consolidation as newly launched treasuries struggle to meet targets. The pattern follows typical market cycles, with initial excitement, subsequent cooling, and then sustained institutional capital inflows.
Saylor's Strategy Inc. pioneered the treasury model with Bitcoin, but this year has proved that the concept works beyond Bitcoin. Successful launches around Ethereum, Solana, and TON demonstrated broader viability. TON Strategy serves as a treasury for The Open Network's native token.
Several evolution paths exist for digital asset treasuries, including infrastructure provision, potential banking services, and mergers and acquisitions. Some companies may acquire banking licenses while others build technology bridges between chains. Long-term value will come from functionality and utility perspectives rather than speculation alone.
Corporate crypto treasuries accumulated significant holdings throughout the year despite many cryptocurrencies trading near all-time highs. Public and private treasuries now hold over 1.3 million Bitcoin worth approximately $157.7 billion, representing 6.6 % of circulating supply. Ether treasuries control 5.5 million Ethereum valued at roughly $24 billion.
Kapustina emphasized that treasuries will eventually be appreciated for securing the networks they invest in. The role extends beyond being a bridge between traditional finance and Ethereum crypto to providing essential network infrastructure. Investors will recognize this utility perspective as the sector matures.
She explained that treasuries invest in networks from both functionality and security standpoints. This creates long-term value beyond passive Ethereum token accumulation. The industry is moving toward a more sophisticated understanding of how digital asset treasuries contribute to blockchain ecosystems.