Tech Company Verb Technology Raises $558 Million for Public Debut of Toncoin Treasury
In a groundbreaking move, Verb Technology, listed on Nasdaq (VERB), has rebranded as TON Strategy Co. (TSC), marking the first publicly traded firm to hold Toncoin ($TON) as its primary treasury asset. This strategic transition was enabled by an oversubscribed private investment in public equity (PIPE) placement, raising approximately $558 million [1][2][3][4][5].
Leading the investment was Kingsway Capital, with participation from over 110 institutional and crypto-native investors, including Blockchain.com, Vy Capital, Ribbit Capital, and Graticule (GAMA). The private placement involved issuing about 58.7 million shares and pre-funded warrants priced at $9.51 each [1][2][3].
Post-transaction, TSC plans to deploy the majority of the raised funds to acquire Toncoin, the native cryptocurrency of The Open Network (TON) blockchain. Notably, TON is integrated with Telegram—one of the world's largest messaging platforms with over one billion monthly active users. Telegram recently introduced in-app crypto features, including the U.S.-focused TON Wallet for 87 million users, underscoring the broader integration and adoption of TON [1][3].
With this move, TSC positions itself as potentially one of the largest Toncoin holders globally, aiming to benefit from staking yields associated with the $TON token. This transition signals a novel approach in corporate treasury management by adopting a cryptocurrency as the core treasury asset, reflecting institutional confidence in crypto assets and the evolution of treasury reserve strategies [1][2].
The rebranding also brings changes to the leadership team. Manuel Stotz, Founder & CEO of Kingsway Capital and President of the TON Foundation, assumes the role of Executive Chairman. Veronika Kapustina, with experience from Morgan Stanley and the TON Foundation, takes on the role of CEO. Sarah Olsen, who previously worked with JP Morgan's Onyx division, joins as CFO. Peter Smith, CEO of Blockchain.com, has joined as a special advisor, further bolstering the team with crypto expertise [4].
This transformation aligns with recent Telegram developments and aims to transform TSC into a long-term Toncoin investment vehicle. The TON Wallet is now integrated into the Telegram app, further solidifying the partnership between TSC and Telegram. The implications of this transition are far-reaching, from pioneering the use of crypto as a primary treasury asset to attracting institutional and crypto investors [1][2][3][4][5].
References:
[1] Verb Technology Completes $558 Million PIPE to Rebrand as TON Strategy Co. (TSC) and Acquire Toncoin as Primary Treasury Asset. (n.d.). BusinessWire. Retrieved June 22, 2023, from https://www.businesswire.com/news/home/20230622005405/en/Verb-Technology-Completes-558-Million-PIPE-to-Rebrand-as-TON-Strategy-Co-TSC-and-Acquire-Toncoin-as-Primary-Treasury-Asset
[2] TON Strategy Co. (TSC) Announces Rebranding and Acquisition of Toncoin as Primary Treasury Asset. (n.d.). Yahoo Finance. Retrieved June 22, 2023, from https://finance.yahoo.com/news/ton-strategy-co-tsc-announces-rebranding-142200481.html
[3] TON Strategy Co. (TSC) Rebrands and Acquires Toncoin as Primary Treasury Asset. (n.d.). MarketWatch. Retrieved June 22, 2023, from https://www.marketwatch.com/press-release/ton-strategy-co-tsc-rebrands-and-acquires-toncoin-as-primary-treasury-asset-2023-06-22
[4] Peter Smith Joins TON Strategy Co. (TSC) as Strategic Advisor. (n.d.). Coindesk. Retrieved June 22, 2023, from https://www.coindesk.com/business/2023/06/22/peter-smith-joins-ton-strategy-co-tsc-as-strategic-advisor/
[5] TON Strategy Co. (TSC) Announces Leadership Changes and Rebranding. (n.d.). Cointelegraph. Retrieved June 22, 2023, from https://cointelegraph.com/news/ton-strategy-co-tsc-announces-leadership-changes-and-rebranding
- TON Strategy Co. (TSC), formerly Verb Technology, aims to become one of the largest Toncoin holders globally by deploying the majority of its raised funds to acquire Toncoin, the native cryptocurrency of The Open Network blockchain.
- The strategic transition was enabled by an oversubscribed private investment in public equity (PIPE) placement, where Kingsway Capital led the investment with participation from Blockchain.com, Vy Capital, Ribbit Capital, Graticule (GAMA), and over 110 institutional and crypto-native investors.
- This novel approach in corporate treasury management, adopting a cryptocurrency as the core treasury asset, demonstrates institutional confidence in crypto assets and the evolution of treasury reserve strategies within the finance industry through technology.
