Oh, gather ’round, dear readers, for a tale of wonder and woe! Verb Technology Company Inc. has just tied up a whopping $558 million in a private placement, all to embark on a fantastical journey as the very first publicly traded company to hoard toncoin (TON) like a dragon with its gold! 🐉💰
Kingsway-Backed Verb Raises $558M for Toncoin Treasury
In a deal so oversubscribed it could make a greedy goblin blush, Verb partnered with Kingsway Capital to sell around 58.7 million shares. Over 110 institutional and crypto-loving investors jumped on this golden opportunity, with Kingsway leading the charge and friends like Vy Capital, Blockchain.com, Ribbit Capital, and Graticule tagging along for the ride! 🎢
Now, what will they do with all that shiny treasure, you ask? Well, Verb (Nasdaq: VERB) plans to scoop up toncoin (TON), the prized token of The Open Network (TON) blockchain – a network as cozy as a cup of tea with the Telegram messaging app! ☕📱
The grand plan is to earn some delightful staking rewards from their TON stash while they build their treasure trove over time. And in a twist worthy of a storybook, they’ll be rebranding themselves as TON Strategy Co. (TSC) while still juggling their social commerce and video marketing shenanigans! 🎭
Manuel Stotz, the dashing founder and CEO of Kingsway, will don the hat of executive chairman, while Veronika Kapustina, a former senior advisor to the TON Foundation, will take the reins as CEO. And let’s not forget Sarah Olsen, the co-founder of Europa Partners, who will step in as CFO – because every adventure needs a savvy accountant! 🧾
As for the financial wizards behind the curtain, Cohen & Company Capital Markets played the role of lead advisor to Kingsway and the sole placement agent for Verb. Reed Smith LLP waved their magic wand for Kingsway, while Perkins Coie LLP and Brownstein Hyatt Farber Schreck donned their capes for Verb. Morgan Lewis? They were busy advising Cohen & Company Capital Markets, of course! 🦸♂️
Verb’s daring leap into a TON-focused treasury comes as more companies decide to venture beyond the realm of bitcoin. Once upon a time, many followed the legendary Michael Saylor’s playbook of stacking BTC like it was the last cookie in the jar. But now, the world is waking up to the charms of ETH, BNB, LTC, XRP, SOL, and a whole host of other digital delights! 🍪✨
“As the exclusive blockchain infrastructure powering Telegram’s Mini App ecosystem, we believe in the utility and potential growth in adoption of Toncoin,” remarked Verb’s soon-to-be executive chairman, with a twinkle in his eye. 🌟
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2025-08-08 20:07