Nasdaq-listed company Verb Technology has acquired $713 million worth of Toncoin (TON) for its corporate treasury, positioning itself as a major holder of the cryptocurrency. The acquisition follows a $558 million private placement completed in early August, bringing the company's total assets to over $780 million, with $67 million in cash and the remainder in TON holdings.
The company is rebranding as Ton Strategy Company as part of its shift toward blockchain assets. Executive Chairman Manuel Stotz stated: "Crossing $780 million in assets just days after our private placement reflects the conviction behind $TON. This is more than building a balance sheet; it's about contributing to the security of TON blockchain where participants can build, transact, and benefit directly from the underlying financial protocols."
The acquisition has already influenced Toncoin's market price, causing a moderate increase from $3.23 to around $3.30, though the token remains well below its June 2024 peak of $8.25. Verb Technology plans to accumulate more than 5% of TON's circulating supply through continued purchases via cash flow reinvestment and capital markets activity, while also supporting the network through staking.
This move reflects a growing trend of institutional investment in blockchain assets, with public companies increasingly allocating treasury reserves to cryptocurrencies. Toncoin, with an $8.4 billion market cap, has now joined Bitcoin, Ethereum, and XRP as cryptocurrencies attracting significant corporate treasury investments.