Nasdaq-listed Verb Technology Company Inc. has secured $558 million through an oversubscribed private placement to establish the first publicly traded Toncoin (TON) treasury reserve strategy. The funding round, led by Kingsway Capital and backed by over 110 institutional investors including Blockchain.com and Ribbit Capital, will transform Verb into TON Strategy Co., positioning it to control approximately 5% of Toncoin's circulating supply.
The capital will be used almost exclusively to acquire TON, making the rebranded entity one of the largest corporate holders of the cryptocurrency. Upon deal closure around August 7, TON Strategy Co. plans to stake its holdings to generate yield while maintaining long-term exposure. This strategic pivot follows Telegram's integration of TON as its exclusive blockchain partner for its billion-user platform, supporting in-app payments, ads, and digital assets.
Verb's stock (VERB) surged 100% following the announcement. Leadership will be headed by Manuel Stotz—President of the TON Foundation and founder of Kingsway Capital—as Executive Chairman, alongside ex-Morgan Stanley advisor Veronika Kapustina as CEO and former J.P. Morgan executive Sarah Olsen as CFO. Blockchain.com CEO Peter Smith will serve as special advisor.