NASDAQ Co Raises $558M to Rebrand as Toncoin Treasury Firm

A NASDAQ-listed company has raised $558 million to pivot into a Toncoin treasury company, marking the first publicly traded entity in the U.S. dedicated to holding TON as its primary asset [1]. The company, previously known as Verb Technology, will be rebranded as TON Strategy Co. (TSC) and will focus on acquiring and staking Toncoin as part of its new business model [1]. The fundraising round was led by Kingsway Capital and attracted over 110 institutional and crypto-focused investors, including Pantera Capital, Animoca Brands, and Kraken [1]. The move signals growing institutional confidence in Toncoin’s long-term value and utility, especially with its integration into Telegram’s global user base [1].

The new company is building a crypto-native treasury model that combines long-term holdings with staking rewards, aiming to generate sustainable cash flow from its Toncoin reserves [1]. TSC’s leadership team includes Manuel Stotz, president of the Ton Foundation and former founder of Kingsway, who will serve as chairman. Veronika Kapustina, a former Morgan Stanley banker, has been appointed CEO, while Sarah Olsen, formerly of JPMorgan’s blockchain division, will serve as CFO [1]. Blockchain.com CEO Peter Smith will also act as an advisor to the treasury operations.

In addition to the rebranding, the company announced a $1 billion follow-on equity offering to maintain capitalization as it transitions to its TON-focused strategy [2]. However, concerns have been raised about the potential for share dilution, a challenge the company has faced historically in generating value on a per-share basis [2]. Despite the institutional backing and strategic shift, Verb Technology’s stock price dropped 12.5% following the announcement, indicating uncertainty among investors regarding the company’s ability to execute its new strategy profitably [2]. Analysts have projected a wide range of fair value estimates for the stock, from $1.49 to $62, reflecting the speculative nature of the investment [2].

Meanwhile, Toncoin’s market performance has shown positive momentum. The token rose by 4.55% over the past 24 hours, reaching $3.59, with a market capitalization of $9.23 billion and trading volume climbing to $385.95 million [1]. The token’s circulating supply stands at 2.56 billion, with a fully diluted valuation of $18.49 billion. Analysts suggest that the Verb Technology deal could act as a bullish catalyst for Toncoin, especially if the institutional backing is perceived as a sign of long-term stability [6]. However, no specific price forecasts were cited in the provided sources, and the token’s performance will depend on broader market dynamics and regulatory developments.

Coinbase Ventures has also entered the TON ecosystem, having directly purchased Toncoin tokens from Telegram [3]. The TON Foundation confirmed that Coinbase Ventures now holds Toncoin alongside other major investors like Sequoia Capital, Benchmark, and Ribbit Capital [4]. Additionally, Pantera Capital has invested $300 million in digital asset treasury companies, including TON as part of its eight-token portfolio [5]. This growing institutional interest reinforces the token’s position as a strategic asset in the evolving crypto landscape.

The transition of Verb Technology to TON Strategy Co. represents a significant milestone in the adoption of digital assets by traditional financial institutions. As the first publicly traded company to center its treasury around Toncoin, TSC sets a precedent for how institutional investors may approach crypto assets in the future [1]. The success of this strategy will depend on the efficiency of capital deployment and the broader performance of Toncoin in the market. With the deal expected to close in early August, all eyes will be on how this new business model performs in the coming months [6].

Source:

[1] Coin - [https://coinedition.com/ton-treasury-strategy-co-nasdaq-company-raises-558-million/](https://coinedition.com/ton-treasury-strategy-co-nasdaq-company-raises-558-million/)

[2] Simply Wall St - [https://simplywall.st/stocks/us/software/nasdaq-verb/verb-technology/news/verb-technology-verb-is-down-125-after-558m-toncoin-pivot-an](https://simplywall.st/stocks/us/software/nasdaq-verb/verb-technology/news/verb-technology-verb-is-down-125-after-558m-toncoin-pivot-an)

[3] Mitrade - [https://www.mitrade.com/insights/news/live-news/article-3-1030169-20250812](https://www.mitrade.com/insights/news/live-news/article-3-1030169-20250812)

[4] Mitrade - [https://www.mitrade.com/insights/news/live-news/article-3-1031124-20250812](https://www.mitrade.com/insights/news/live-news/article-3-1031124-20250812)

[5] Coindoo - [https://coindoo.com/pantera-capital-invests-300m-in-digital-asset-treasury-firms/](https://coindoo.com/pantera-capital-invests-300m-in-digital-asset-treasury-firms/)

[6] CryptoRank - [https://cryptorank.io/news/feed/7b62a-buy-the-dip-toncoin-hits-key-zone-as-big-deal-looms](https://cryptorank.io/news/feed/7b62a-buy-the-dip-toncoin-hits-key-zone-as-big-deal-looms)