Forget Bitcoin, a Nasdaq firm just picked Toncoin as its treasury asset
Main Idea
Verb Technology (Nasdaq: VERB) rebranded as TON Strategy Co. and raised $558 million to become the first public company to position itself as a Toncoin (TON) treasury play, signaling a major bet on Telegram's blockchain.
Key Points
1. Verb Technology rebranded as TON Strategy Co. and raised $558 million from over 110 institutional and crypto-native backers to invest in Toncoin (TON).
2. The company's shares surged 115% following the announcement, reflecting market enthusiasm for its pivot to a Toncoin treasury strategy.
3. Unlike MicroStrategy, which used debt to accumulate Bitcoin, VERB financed its Toncoin acquisition through equity, issuing 58.7 million shares at $9.51 each.
4. Toncoin's price faced resistance at $4, experiencing a 5.79% pullback after five consecutive weeks of gains, raising concerns about VERB's premium valuation.
5. The move positions VERB as the first public proxy for Toncoin exposure, but its market performance may depend on Toncoin's future price trajectory.
Description
TON Strategy Co. secures $558M to become first public Toncoin treasury.
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