The TON Foundation, in partnership with Kingsway Capital Partners, is working to raise up to $400 million for a new publicly listed company dedicated to acquiring and holding Toncoin (TON). The initiative aims to secure capital through a Private Investment in Public Equity (PIPE) round, with plans to accelerate the public listing via a Special-Purpose Acquisition Company (SPAC) merger structure.
Kingsway Capital president Manuel Stotz—who also serves as president of the TON Foundation—is spearheading the effort, though neither entity has publicly confirmed details. Banking services are being provided by Cohen & Co., which previously advised on a $1.5 billion Ethereum-focused treasury SPAC. Cantor Fitzgerald has also expressed interest in similar Toncoin-holding ventures.
Toncoin's price rose nearly 2% to $3.16 following initial reports, lifting its market capitalization to approximately $7.68 billion despite an 18% drop in daily trading volume. The move aligns with growing corporate treasury adoption of cryptocurrencies, emulating successful models like MicroStrategy's Bitcoin holdings, which saw over 3,400% stock appreciation in five years. This pivot follows controversy around the foundation's withdrawn UAE Golden Visa proposal.