Verb Technology Company (NASDAQ:VERB) has seen its stock price soar after announcing a significant private placement of approximately $558 million. The funding is intended to establish the company's new strategy centered on Toncoin (TON), the native cryptocurrency of The Open Network (TON).
Following the announcement, Verb Technology has stated its intention to rebrand as TON Strategy Co. This move signifies a major shift in the company's focus, as it aims to become the first publicly traded company to hold Toncoin as a treasury asset. The new strategy is designed to build the largest treasury of Toncoin, with a commitment to accumulate the digital asset rather than sell it.
This development is being viewed as a significant step in integrating Toncoin into mainstream financial strategies and is backed by major institutional players. The market's positive reaction to this news highlights a growing optimism among investors regarding the TON ecosystem and its integration with the widely used messaging platform, Telegram. The article from Investing.com notes that the stock price surged by 90% following the announcement.
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