Verb Technology, which is listed on Nasdaq and is preparing to rebrand as Ton Strategy Company, has announced a major expansion of its digital asset reserves. The company disclosed treasury assets totaling $780 million, including $713 million in Toncoin (TON) and $67 million in cash. This action further supports the newly proposed TON treasury strategy and aims to make the firm a pioneer among other institutions interested in the TON ecosystem.
Verb Technology’s Strategic TON Treasury Acquisition
An official press release published today detailed Verb Technology’s purchase of TON worth $713, as well as $67M in cash, which it may use for additional treasury asset purchases.
The announcement follows the company’s August 8 closing of a $558 million private placement. More than 110 institutional and crypto-native investors took part in the offering. Most of the proceeds were directed into the TON treasury, which will now serve as Verb’s primary reserve asset.
The firm’s management has set an ambitious target. Verb intends to hoard more than 5% of the total circulating Toncoin. Such a move would make the firm one of the most influential holders of The Open Network’s native token TON. It also aims to increase its Toncoin holdings per share through reinvested cash flows, staking rewards, and measured use of capital markets.
By becoming the first publicly traded treasury reserve for TON, the company aims to strengthen the economic foundation of the blockchain, rather than merely holding tokens on its balance sheet. Manuel Stotz – Verb Technology’s Executive Chairman echoed the recent Toncoin purchase, noting;
Toncoin Price Shows Signs of Stability
According to data by Coingecko, Toncoin (TON) is currently trading at $3.29, marking a slight 0.4% surge over the last 24 hours. Nevertheless, although TON rose slightly, the coin is still down by 4% and 6.5% over the past seven days and one month, respectively.
However, the recent acquisition by Verb Technology may spur a short-term price rally as it highlights a strong belief in the coin. Often, institutional demand serves as a source of price stability or even rally. With the coin now seeing a shift in momentum, the Toncoin price might approach resistance at above $3.30.
While the acquisition shows long-term optimism regarding the fundamentals of TON, investors will keep an eye on whether the move will spur a stronger Toncoin adoption as well as a price rally.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.
Source: https://coingape.com/nasdaq-listed-verb-technology-acquires-713-million-tokens-for-ton-treasury/
