Verb Technology Acquires $713 Million in Toncoin

Verb Technology Company, Inc., listed on Nasdaq, is transitioning to Ton Strategy Company while embracing a digital asset treasury strategy targeting Toncoin (TON). Recently, the company announced a significant acquisition of $713 million worth of the cryptocurrency. After raising $558 million in a private placement earlier this month, Verb's total treasury assets have reached $780 million, comprising $713 million in Toncoin and $67 million in cash. Executive Chairman Manuel Stotz stated, "By becoming the first and largest publicly traded treasury reserve for $TON, VERB is not just holding $TON; we are reinforcing the economic foundation of the network itself." Stotz previously served as the president of the TON Foundation but stepped down to focus on Verb. The company aims to acquire over 5% of the circulating supply of TON. With $713 million invested, it currently holds approximately 8.5% of the total circulating supply, which is around 2.6 billion TON tokens according to The Block. TON was launched with an initial oversupply of 5 billion tokens, featuring a modest inflation rate to reward validators. In the past twenty-four hours, Toncoin has shown stable trading activity, reflecting the tokens' resilience. Being the only publicly-traded firm with a Toncoin treasury strategy, Verb Technology is pivotal in supporting The Open Network, which underpins Telegram's encrypted messaging platform.