TON CEO Sees Crypto Bubble Signs, Bullish Long-Term

According to TON Strategy’s CEO Veronika Kapustina, corporate digital asset treasuries (DATs) became “the trade of the summer,” attracting significant attention and capital inflows that have begun showing classic bubble characteristics. During her appearance at Singapore’s Token2049 conference, Kapustina told Cointelegraph that the current market dynamics are driven by participants viewing DATs as “fast money” opportunities, with substantial short-term capital flooding the space.

Kapustina’s observations point to a market experiencing rapid growth and speculation, with corporate digital asset treasuries emerging as the focal point of summer trading activity. “All the indicators look like it’s a bubble,” she stated frankly, acknowledging the concerning patterns developing in this nascent financial sector. The concentration of fast-moving capital into DATs has created conditions where price movements and investment flows resemble previous financial bubbles observed in both cryptocurrency and traditional finance markets.

What distinguishes the current DAT bubble from previous financial cycles, according to Kapustina, is its position as “a new segment of finance.” This characterization suggests that while bubble indicators may be present, the underlying asset class represents a fundamentally different category than previous crypto or traditional finance bubbles. The TON Strategy CEO explained that corporate digital asset treasuries occupy unique territory in the financial landscape, blending elements of corporate finance with digital asset innovation.

Kapustina’s analysis during the Singapore conference highlighted that previous bubbles in both crypto and traditional finance involved more established asset classes and market structures. The current DAT phenomenon, by contrast, represents the early-stage development of an entirely new financial instrument category. This distinction is crucial for understanding why traditional bubble metrics might not fully capture the long-term potential of digital asset treasuries as corporations increasingly explore blockchain-based treasury management solutions.

Despite acknowledging bubble characteristics, Kapustina maintains a bullish long-term perspective, predicting that medium and long-term capital will enter the DAT space as the market matures. Her comments to Cointelegraph at Token2049 suggest that the current bubble phase represents a natural evolutionary step in the development of corporate digital asset treasuries rather than a terminal market condition.

The TON Strategy CEO’s outlook anticipates a transition from speculative “fast money” to more substantial, strategic capital allocations as institutional understanding of digital asset treasuries deepens. This maturation process, she suggests, will naturally attract capital with longer investment horizons and more sophisticated risk management approaches. The Singapore conference provided an appropriate backdrop for these observations, given the city-state’s position as a global financial hub increasingly embracing digital asset innovation.

Kapustina’s balanced perspective—acknowledging current bubble risks while maintaining confidence in long-term market development—reflects the complex reality facing investors in emerging digital asset categories. As corporate digital asset treasuries evolve from summer trading phenomenon to established financial instrument, the market dynamics described at Token2049 suggest a sector poised for significant transformation, with the potential for both short-term volatility and long-term growth as institutional participation increases.