Shares of Verb Technology Company (VERB) surged more than 170% today after the company announced a transformative $558 million private placement to fund a new Toncoin treasury reserve strategy. The move positions Verb to become the first publicly traded company dedicated to holding Toncoin ($TON), the native token of The Open Network blockchain, which powers Telegram’s rapidly growing crypto ecosystem.
The oversubscribed PIPE deal is backed by over 110 institutional and crypto-native investors, including major names like Kingsway Capital, Vy Capital, Blockchain.com, and Ribbit Capital. The offering is priced at $9.51 per share, matching the stock’s close on August 1 and is expected to close around August 7.
Upon closing, Verb intends to rebrand as TON Strategy Co. (TSC), signaling a full-scale pivot toward a treasury strategy centered on Toncoin accumulation and staking. The company expects to deploy the majority of the raised capital to acquire $TON, creating a major reserve and generating sustainable staking rewards that can fund ongoing growth.
This marks a significant milestone for digital asset treasury companies, especially those focused on cryptocurrencies outside of Bitcoin and Ethereum. Telegram’s unique integration of Toncoin, which is used exclusively within its ecosystem for payments, ad revenue, tokenized assets, and app development, makes $TON a compelling treasury reserve, especially as Telegram now boasts over one billion monthly active users globally.
Verb’s new leadership team, led by Kingsway Capital founder and TON Foundation president Manuel Stotz, also includes high-profile appointments from Blockchain.com, Morgan Stanley, and JP Morgan. Blockchain.com CEO Peter Smith joins as a special advisor.
The company’s legacy social commerce operations, including livestream platform MARKET.live and AI commerce tool LyveCom, will continue to operate and are expected to expand under the new corporate structure.
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