Verb Technology Company, Inc. (Nasdaq: VERB) announced a significant strategic shift by raising approximately $558 million through an oversubscribed private placement.
This funding round sets the stage for the company’s rebranding to TON Strategy Co. (TSC) and its transition into the first publicly traded treasury reserve vehicle for Toncoin (symbol: $TON), the native cryptocurrency of The Open Network (TON) blockchain. TON powers Telegram’s growing ecosystem, which boasts over one billion monthly active users worldwide.
The private placement involved the sale of about 58.7 million shares, including pre-funded warrants, at a purchase price of $9.51 per share. This round attracted participation from more than 110 institutional and crypto-native investors, led by Kingsway Capital, alongside notable firms such as Vy Capital, Blockchain.com, Ribbit Capital, and Graticule (GAMA). Kingsway Capital’s founder and CEO, Manuel Stotz—also president of the TON Foundation—is set to become the executive chairman of the newly renamed TSC.
Following the closing of the transaction, expected by August 7, 2025, TON Strategy Co. will use the majority of the net proceeds to acquire Toncoin and establish it as its primary treasury reserve asset. The company aims to generate sustainable staking rewards to grow its $TON holdings in a cash flow positive manner while continuing to expand its existing business operations. It expects to hold roughly five per cent of Toncoin’s circulating supply, positioning itself among the largest $TON holders worldwide.
TON Strategy Co. will continue trading under the ticker VERB on Nasdaq, with updated treasury plans effective immediately following the transaction’s close. The new leadership team will include Veronika Kapustina as CEO, Sarah Olsen as CFO, and Peter Smith of Blockchain.com as special advisor.
Notably, in June 2025, Telegram integrated a new feature enabling users to earn competitive financial rewards through direct in-app staking of TON tokens. This development democratizes institutional-grade staking, thereby increasing the utility of the TON blockchain and solidifying Telegram’s position within the crypto ecosystem.
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