Verb Technology Raises $558M to Create First Public Toncoin (TON) Treasury

Verb Technology, a Nasdaq-listed company, is making a major pivot into cryptocurrency with a $558 million capital raise to establish the first publicly listed Toncoin treasury. The firm will rebrand as TON Strategy and undergo leadership and reserve restructuring.

The funding round, led by Kingsway Capital with participation from Vy Capital, Blockchain.com, Ribbit Capital, and Graticule, surpassed expectations. The private placement involved 58.7 million shares priced at $9.51 each, with the transaction expected to close by August 7 pending regulatory approvals.

The majority of proceeds will be used to acquire Toncoin (TON), the native token of The Open Network, targeting about 5% of its circulating supply. This follows Kingsway's previous collaboration with the TON Foundation to raise $400 million for a similar treasury initiative.