Verb Technology acquires $713M in Toncoin, growing its $780M treasury and betting big on TON blockchain’s long-term potential.
Verb Technology is rebranding as Ton Strategy Company and is listed on Nasdaq. It has disclosed a substantial increase in its digital asset reserves. The company disclosed treasury assets totaling $780 million, which included $713 million in Toncoin (TON) and $67 million in cash. This action bolsters the recently proposed TON treasury strategy and endeavors to establish the firm as a leader among other institutions interested in the TON ecosystem.
Verb Technology’s Strategic TON Treasury Acquisition
An official press release today disclosed Verb Technology’s acquisition of TON for $713 million and $67M in cash, which it may allocate toward future acquisitions of treasury assets.
The announcement followed the company’s $558 million private placement conclusion on August 8. Over 110 institutional and crypto-native investors participated in the offering. The TON treasury, which will now function as Verb’s primary reserve asset, received most of the proceeds.
The organization’s executives have established an ambitious objective. Verb intends to accumulate over 5% of the total circulating Toncoin. This action would establish the organization as one of the most influential holders of The Open Network’s native token, TON. Additionally, it intends to augment its Toncoin holdings per share using pledging rewards, reinvested cash flows, and the prudent utilization of capital markets.
The company’s objective is to fortify the economic foundation of the blockchain by becoming the first publicly traded treasury reserve for TON, as opposed to solely maintaining tokens on its balance sheet. Manuel Stotz, the executive chairman of Verb Technology, echoed the recent purchase of Toncoin. He noted,
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.
Signs of Stability in the Toncoin Price
Toncoin (TON) is currently trading at $3.29, a modest 0.4% increase over the past 24 hours, according to data from Coingecko. Nevertheless, TON has experienced a minor increase; however, it has still experienced a 4% and 6.5% decline over the past seven days and one month, respectively.
Nevertheless, Verb Technology’s recent acquisition may catalyze a temporary price increase, underscoring the company’s firm conviction in the coin. Institutional demand is frequently a source of price stability or even a rally. The Toncoin price may encounter resistance at or above $3.30 due to the current momentum shift.
Although the acquisition indicates a long-term optimism regarding the fundamentals of TON, investors will monitor whether the transaction will incite a more robust Toncoin adoption and a price increase.
