TONcoin is now central to Verb Technology’s future, as the company announced a $558 million private investment deal and a major strategic shift into cryptocurrency, sending its stock soaring more than 200% on Monday.
The company, best known for its social commerce platform, revealed plans to rebrand as TON Strategy Co., positioning itself as the first publicly traded treasury reserve vehicle for Toncoin (TON), the native token of Telegram’s blockchain network.
The funding round included around 58.7 million shares and pre-funded warrants priced at $9.51. Investor excitement over the crypto-focused move pushed Verb’s stock to a peak of $29.33 before settling near $27, according to Google Finance.
The raised capital will be used to buy and stake Toncoin, making it the company’s main treasury asset as it targets rising institutional demand for blockchain-native reserves.
Toncoin-Backed Investors Power Verb’s $558M Fundraising Round
Several key investors in the $558 million raise have close connections to Toncoin and the broader Telegram ecosystem, suggesting that Verb’s shift is part of a larger, coordinated effort to bring Toncoin (TON) into public markets.
The funding round was led by Kingsway Capital, whose CEO Manuel Stotz also serves as the president of the TON Foundation. As part of the transition, Stotz will become the executive chairman of the newly renamed TON Strategy Co.
“Telegram is the go-to messaging app for the fast-growing global crypto community, and $TON is the core currency powering that ecosystem. Permanent capital vehicles are ideal for holding $TON long-term, as it not only has strong growth potential but also generates staking rewards.”
Manuel Stotz
The investment round also drew backing from major crypto players. Blockchain.com participated, with its CEO Peter Smith set to serve as a special adviser to TON Strategy Co. Meanwhile, Vy Capital, a longtime supporter of Telegram, also joined the deal.
Other notable participants include Animoca Brands and The Open Platform (TOP), both of which have existing partnerships with the TON Foundation, focused on gaming, tokenized assets, and Telegram-based Mini Apps.
Verb’s move aligns with a broader trend of public companies adding altcoins, not just Bitcoin, to their balance sheets. This shift gained momentum in late July, when over 16 companies announced plans to raise or invest more than $7.8 billion into crypto assets.
Recent examples include BTCS Inc., which filed to sell up to $2 billion in shares to acquire Ether, and SharpLink Gaming, which bought $338 million worth of ETH. Tron Inc. announced a $1 billion raise to purchase TRX, while Canadian vape firm CEA said it would raise $400 million to fund a potential $1.25 billion buy of BNB, sending its stock up 550%.
