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Verb Technology purchased $713M worth of Toncoin, about 8.5% of circulating supply.
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Company will rebrand to Ton Strategy Company and focus on TON treasury strategy.
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Executive Chairman Manuel Stotz recently stepped down as TON Foundation president to lead Verb.
Major Toncoin Purchase
Verb Technology, a Nasdaq-listed firm, revealed it has acquired $713 million worth of Toncoin, the native token of The Open Network (TON). The company is rebranding as Ton Strategy Company to reflect its new focus on digital asset treasury management.
Company Strategy and Holdings
With this purchase, Verb holds about 8.5% of Toncoin’s circulating supply. The company raised $558 million earlier in August, boosting its treasury to $780 million, including $713 million in TON and $67 million in cash reserves.
Leadership Shift
Executive Chairman Manuel Stotz, who also leads Kingsway Capital, stepped down as president of the TON Foundation to concentrate on Verb’s new direction. He highlighted that Verb is not only holding TON but also strengthening the token’s ecosystem.
Significance for TON
Verb is the first publicly traded company to adopt a Toncoin treasury strategy. TON, linked to the Telegram ecosystem, has around 2.6 billion tokens in circulation out of its 5 billion total supply.
