TON Foundation and Kingsway Capital Launch $400M Toncoin Treasury Initiative

The TON Foundation, alongside Kingsway Capital, is organizing a $400 million fundraising campaign to create a publicly traded crypto treasury company that will exclusively hold Toncoin. This project will utilize a private investment in public equity (PIPE) structure, with Cohen & Co. providing advisory services. Toncoin is currently among the top 25 cryptocurrencies by market cap, approaching $8 billion.

Manuel Stotz, founder of Kingsway Capital and president of the TON Foundation, will lead the investment strategy. The treasury model is inspired by Bitcoin-based corporate frameworks, aiming to enhance institutional liquidity and long-term value. Cohen & Co. brings expertise from previously advising Dynamixin on a $1.5 billion blank-check deal for an Ethereum-focused treasury vehicle.