Nasdaq-listed Verb Technology has made a significant move in the crypto space by raising $558 million in a private placement to establish the first publicly listed company dedicated to holding Toncoin (TON) as a treasury reserve asset. This financing round, which was oversubscribed, was led by Kingsway Capital and saw participation from over 110 institutional and crypto-native investors.
Notable backers of this initiative include Vy Capital, Blockchain.com, Pantera Capital, Ribbit Capital, Graticule, Animoca Brands, Kraken, and BitGo, along with individual investors like Ethena Labs founder Guy Young. The company is planning to rebrand as TON Strategy Co. (TSC) and will use the majority of the funds to acquire and stake TON. Telegram, with its massive user base of over 900 million globally, has integrated TON into its Mini App platform, offering developers access to a large and engaged audience.
This strategic pivot by Verb aims to create a crypto-native treasury model that combines long-term digital asset holdings with cash flow generation through staking rewards. The company sees Toncoin’s integration with Telegram as a key factor in its adoption potential, making it an attractive choice for a reserve asset strategy. Despite this shift towards digital asset reserves, Verb will continue to operate its existing social commerce businesses, including its AI-driven video shopping platform MARKET.live and its recently acquired livestream commerce startup LyveCom.
The newly formed entity will be chaired by Kingsway founder and TON Foundation President Manuel Stotz, bringing over 15 years of global investment experience to the table. Veronika Kapustina, a former senior advisor to the TON Foundation and ex-Morgan Stanley banker, will serve as CEO, while Sarah Olsen, previously Head of Corporate Development for JPMorgan’s blockchain division Onyx, will take on the role of CFO. Blockchain.com CEO Peter Smith will also advise the firm as it scales its crypto treasury operations.
Cohen & Company Capital Markets acted as the sole placement agent for this financing round, with legal counsel provided by Reed Smith, Perkins Coie, Morgan Lewis, and others. This move by Verb Technology marks a significant step in the crypto space, signaling a growing interest in digital asset reserves and innovative treasury strategies.