Verb plans name change to TON Strategy after $558M round
Verb Technology, a Nasdaq-listed company, plans to become the largest public holder of Toncoin. The company secured support from over 100 investors, led by Kingsway Capital, Blockchain.com, and Ribbit Capital, and is launching an oversubscribed PIPE (private investment in public equity) deal.
According to Crypto.news, the timing is strategic. Earlier this year, Telegram — now exceeding 1 billion monthly users — officially named TON its exclusive blockchain partner. As a result, TON became the only chain supported for Telegram ads in most countries, the only settlement method for in-app digital assets like usernames and NFTs, and the sole payment system embedded in Telegram’s new mini-app ecosystem.
With TON Wallet now integrated into Telegram, including for U.S. users, the infrastructure is live.
By acquiring Toncoin as a treasury reserve asset, the company — soon to be renamed TON Strategy Co. — aims to act as an institutional wrapper for the crypto asset. Following the closing around August 7, the company plans to use TON to generate asset yield while supporting long-term token appreciation.https://tradersunion.com/interesting-articles/free-telegram-trading-channels/
Durov’s Strategy
The proceeds of the deal will almost entirely go toward acquiring TON, effectively transforming Verb from a struggling livestream commerce company into a focused public investment vehicle for the rapidly growing blockchain ecosystem.
According to the press release, Manuel Stotz — President of the TON Foundation and founder of Kingsway Capital — will lead the new team. Incoming CEO Veronika Kapustina, a former senior advisor to TON Foundation, brings investment banking experience from Morgan Stanley. Former JP Morgan Onyx executive Sarah Olsen will serve as CFO. Blockchain.com CEO Peter Smith, a long-time TON supporter, will join as special advisor.
“Telegram is the messenger of choice for the global crypto community, and TON is the currency powering the Telegram ecosystem,” said Manuel Stotz.
Following the news of the TON treasury, Verb shares surged 85% to nearly $19. However, this price is far from a record due to prior reverse stock splits.
Verb Daily Stock Chart. Source: Trading View
In 2024, the company faced shareholder backlash and fraud accusations after a 1-for-200 reverse split designed to maintain its Nasdaq listing. The drastic reduction in share count led to significant investor losses and allegations of misconduct against company president Rory J. Cutaia. Investigations were conducted by both Nasdaq and the company itself.
As we wrote, Toncoin price falls 5.37% as Telegram faces EU scrutiny over crypto use and security concerns
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