- Verb Technology rebrands and secures $558M for TON treasury.
- $558M NASDAQ raise affects crypto markets.
- Institutional access to TON increases on Nasdaq.
Nasdaq-listed Verb Technology, rebranded as TON Strategy Co., announced a $558 million private placement on October 17, 2023, to acquire approximately 5% of Toncoin’s circulating supply.
Verb’s strategic move marks the first public TON treasury reserve initiative, potentially amplifying Toncoin’s market impact and offering institutional investors regulated exposure, reflected by a significant 100% surge in Verb’s stock value.
Verb Technology has rebranded as TON Strategy Co. and announced a significant $558 million private placement. The company plans to establish the first publicly traded Toncoin treasury reserve, significantly impacting its future positioning.
The leadership team includes Manuel Stotz, Veronika Kapustina, and Sarah Olsen. Institutional investments are led by Kingsway Capital, with over 110 investors participating. Verb aims to control approximately 5% of Toncoin’s circulating supply.
The announcement prompted a more than 100% surge in VERB stock prices. This initiative positions the company as a major holder of Toncoin, offering new institutional pathways for TON exposure on the Nasdaq platform.
This financial move parallels historic treasury strategies similar to those seen with Bitcoin, like MicroStrategy’s approach. Additionally, it brings fresh institutional attention to DeFi ecosystems and related cryptocurrencies.
Treasury funds will be used to acquire Toncoin directly, with broader plans for staking and liquidity strategies on-chain. This action implies a potential increase in TON’s market cap and expanded institutional interest.
The strategy is reminiscent of Bitcoin treasury strategies seen in the past. It is expected to lead to significant industry shifts, affecting various stakeholders within the crypto ecosystem with increased traditional finance links.
Manuel Stotz, Executive Chairman, TON Strategy Co., said, “With this private placement, we are setting a significant precedent for institutions looking to engage with the Toncoin ecosystem directly as a regulated investment vehicle.”
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