Verb Technology Company announced it has more than $780 million in treasury assets, mostly made up of $713 million in Toncoin ($TON), the native cryptocurrency for The Open Network (TON) Blockchain, plus $67 million in cash. This is part of their plan to invest in $TON.
Recently, the company raised $558 million from over 110 investors, mainly to buy $TON as a reserve asset. The company wants to own more than 5% of all circulating $TON, helping support the network. They also plan to grow their $TON holdings per share by using profits, staking rewards, and other financial activities.
$TON is the first major crypto asset linked to a global social platform. Earlier this year, Telegram and the TON Foundation announced that $TON would be the only blockchain for Telegram’s Mini App ecosystem. Inside Telegram, $TON allows users to use wallets, make payments, and access other apps. Telegram has over one billion active users worldwide each month.
KEY QUOTES:
“Crossing $780 million in assets just days after our private placement reflects the conviction behind $TON. This is more than building a balance sheet; it’s about contributing to the security of TON blockchain – where participants can build, transact, and benefit directly from the underlying financial protocols.”
“By becoming the first and largest publicly traded treasury reserve of $TON, VERB is not just holding $TON on its balance sheet – we are helping to strengthen the economic foundation of the network itself.”
Manuel Stotz, Executive Chairman of the company
