The ABD-based Verb Technology Company announced a major move towards the TON ecosystem. The company purchased Toncoin (TON) worth $713 million, increasing its total assets to $780 million.
Following this step, the company plans to change its name to "TON Strategy Company."
According to the official press release, the total assets of $780 million consist of $713 million from TON coins and $67 million from cash reserves. The company's strategy is to become one of the largest institutional supporters of the network by purchasing 5% of TON's circulating supply.
This development came after the completion of a $558 million private sale on August 8. The company used a large portion of these funds for the TON purchase. Chairman Manuel Stotz made the following statement regarding the matter:
"Reaching $780 million in assets within a few days demonstrates our strong belief in TON. This means not only growing our balance sheet but also contributing to the security of the TON blockchain."
The company also stated that it would continue its strategic plans to increase TON assets through staking rewards, cash flow investments, and capital market activities.
Despite this massive acquisition news, there was no significant movement in the TON price chart, and it even experienced a decline.
Stay tuned for the latest developments
