Verb Technology will rebrand as TON Strategy Co. after raising $558 million in an oversubscribed PIPE offering to establish the first publicly listed toncoin treasury. This move aligns with the deep integration of TON into the Telegram ecosystem and positions Verb as one of the leading TON holding organizations.
TON Strategy Company Prepares to Launch as Verb Raises $558 Million from PIPE
Verb Technology Inc. (Nasdaq: VERB) has announced a heavily oversubscribed private placement of approximately $558 million, marking a significant strategic shift towards managing a cryptocurrency treasury. The company intends to rebrand as TON Strategy Co. (TSC) and become the first publicly traded company to hold toncoin as its primary reserve asset.
The funding, priced at $9.51 per share, attracted over 110 institutional and crypto-native investors, led by Kingsway Capital and supported by Vy Capital, Blockchain.com, Ribbit Capital, and Graticule (GAMA).
"Telegram is the preferred messaging app of the growing global cryptocurrency community, and TON is the currency powering the Telegram ecosystem. Capital markets are particularly well-suited for holding TON long-term, which means TSC can benefit from staking rewards," said Manuel Stotz, the new Executive Chairman.
The proceeds will be used to purchase toncoin, positioning TSC among the largest TON holders globally. The strategy includes generating staking rewards to support a treasury model with positive cash flow while maintaining and expanding Verb's current business operations.
With extensive partners, including strategic support from Blockchain.com, and under the leadership of Manuel Stotz, Founder & CEO of Kingsway Capital and Chairman of the TON Foundation, Verb aims to capitalize on Telegram's rapid expansion into the web3 space.
