Nasdaq-Listed verb technology has collected $ 558 million in a private placement to set up the first public listed company that focuses on keeping Toncoin (TON) as an active of the Treasury Reserve.
The financing round, which was increased and surpassed, was led by Kingsway Capital and Drew participation of more than 110 institutional and crypto-native investors.
Remarkable backers include Vy Capital, Blockchain.com, Pantera Capital, Ribbit Capital, Graticule, Animoca brands, Kraken and Bitgo, as well as individual investors such as Ethena Labs founder Guy Young.
The company plans to be Ton Strategy Co. (TSC) to rebrand and will use the majority of the funds to acquire and stop Ton. Telegram, with more than 900 million users worldwide, has placed the core of the Mini app platform and offers developers access to a large and active user base.
The development comes less than a month after reports surfaced that Ton Foundation was looking for half a billion dollars to set up a ton of treasury company.
Strategic pivot
The new direction of the verb is intended to build a Crypto-Native Treasury model that combines digital assets companies with the generation of cash flow through rewards.
The company believes that the integration of Toncoin with Telegram offers a strong acceptance potential, making it a compelling choice for a reserve activation strategy.
While shifting the focus to digital asset reserves, the company will continue to operate its existing social trading companies, including the AI-Driven Video Shopping Platform Market.Live and the recently acquired Livestream Commerce Startup Lyvecom.
Restructuring
The new entity is chaired by the founder of Kingsway and President Manuel Stotz, president of Ton Foundation, who entails global investment experience for more than 15 years.
Veronika Kapustina, a former senior adviser to the Ton Foundation and former Morgan Stanley Banker, will serve as CEO, while Sarah Olsen, formerly head of business development for JPMorgan’s Blockchain Division Onyx, will take on the role of CFO.
In the meantime, Blockchain.com will advise CEO Peter Smith the company while scaling its crypto -outskist activities.
Cohen & Company Capital Markets served as the only placement agent, with a legal adviser provided by Reed Smith, Perkins Coie, Morgan Lewis and others.