Tech Company Becomes Major Toncoin Holder, Raises $558M
Verb Technology Company Inc. (NASDAQ: VERB) has raised roughly $558 million through an oversubscribed private funding round as it prepares to rebrand as TON Strategy Co. (TSC). The funds will be primarily used to build a major reserve of Toncoin ($TON), the native token of The Open Network (TON), which underpins Telegram’s blockchain infrastructure.
The transaction is set to close by August 7, 2025, and positions TSC to earn long-term staking rewards while gaining exposure to Telegram’s fast-growing crypto-integrated ecosystem.
Over 110 backers participated in the round, including Kingsway Capital, Vy Capital, Blockchain.com, Ribbit Capital, Graticule, and Animoca. Other notable investors include Kraken, BitGo, Pantera, CMCC Global, ParaFi Capital, MEXC Ventures, FalconX, The Open Platform (TOP), TVM Ventures, and several high-profile crypto founders.
By anchoring itself to $TON, TSC aims to become one of the largest institutional holders of the token, signalling confidence in Telegram’s future as a crypto-powered communication platform. The company also plans to establish a permanent capital model around Toncoin, viewing it as a hybrid asset offering both yield and growth potential.
The TON blockchain, now officially integrated into Telegram’s ecosystem, powers key functions such as Telegram Ads payments, NFT trading, and creator rewards. The TON Wallet is already accessible to 87 million U.S. users, with Telegram’s global user base reportedly exceeding 1 billion monthly users.
“Telegram is the default messaging platform for the crypto world, and $TON is at the heart of its ecosystem,” said incoming TSC Executive Chairman Manuel Stotz.
Blockchain.com CEO Peter Smith called TON a major leap for mainstream crypto adoption.
Verb CEO Rory J. Cutaia also expressed optimism, stating that the deal marks a significant value shift for shareholders. The company said its stock will continue to trade as “VERB” on Nasdaq, with the new Toncoin-focused strategy officially starting after the August 7 close.
At the time of writing, Verb’s share price had surged 136% to $22.45, according to Yahoo Finance.
