U.S.-based company Verb Technology (ticker: VERB) has raised $558 million in a private placement to acquire Toncoin (TON) and become the first publicly listed company to hold TON as its primary treasury asset. Following the deal, the company will be renamed TON Strategy Co. (TSC) and will join the ranks of the largest holders of the token.
$558 Million Allocated to TON Purchases
Verb Technology sold 58.7 million shares and warrants to institutional and accredited investors at $9.51 per unit, which matches the market price as of August 1. The deal is being executed through a PIPE (Private Investment in Public Equity) transaction and is scheduled to close on August 7. Afterward, the company will initiate its TON accumulation strategy.
The deal is being led by Kingsway Capital. Upon closing, Verb plans to allocate the majority of proceeds to Toncoin purchases, which will serve as the core asset in the company’s treasury. An estimated 77% of the funds raised will be converted into liquid assets. Based on current valuations, this represents about 5% of TON’s circulating market capitalization.
TON Falls Following the Announcement
In response to the news, Toncoin’s price declined. Over the past 24 hours, the token fell by 5,4%, reaching $3.35. Investors are actively taking profits. Market participants are now awaiting further announcements regarding the timing and scale of the planned purchases.
