Ton Foundation Aims for $400M War Chest to Establish Public Treasury for Toncoin Accumulation

Toncoin's backers are making a power play—launching a corporate treasury to hoard the asset like a dragon guarding its gold.

The $400 million ask raises eyebrows. Since when do crypto projects need middlemen to hold their own tokens? Someone's been taking notes from Wall Street's playbook.

This isn't just another funding round. It's a strategic move to institutionalize Toncoin's reserves—with all the regulatory headaches that entails.

Watch the 'decentralized' purists squirm as their favorite blockchain builds a traditional corporate structure. The irony's thicker than a bull market order book.

Emulating Michael Saylor

Cohen & Co. is providing banking services for the formation of the treasury company, one person told the report. The firm earlier advised Dynamix in a $1.5 billion blank-check deal to create an Ethereum-focused crypto treasury company. 

Furthermore, Cantor Fitzgerald has expressed interest in exploring the creation of Toncoin-holding public companies as well. Notably, Cantor has helped start several high-profile crypto treasury companies in recent months.

According to the report, the effort comes amid a surge of similar plays inspired by the success of Michael Saylor’s Bitcoin holding company, Strategy, whose stock has appreciated more than 3,400% over the last five years.