TON Foundation Targets $400M Fundraise for Toncoin Treasury Company

The TON Foundation, alongside Kingsway Capital Partners, is seeking to raise a minimum of $400 million to create a crypto treasury company dedicated to accumulating Toncoin. This initiative will employ a private investment in public equity (PIPE) structure, enabling a publicly traded entity to offer shares to pre-selected investors.

Kingsway Capital, headed by TON Foundation president Manuel Stotz, may contribute as an investor. The foundation's goal is to drive broader adoption of its blockchain, particularly in the U.S. market, though no official announcements have been made regarding the fundraising effort.

Toncoin (TON), the native token of the Telegram Open Network, currently ranks as the 27th-largest cryptocurrency with a market capitalization approaching $8 billion. Despite a 23% drop since April's market low, TON has rebounded with a 9% gain in July amid rumors of the foundation's activities in the UAE.