Major Nasdaq Firm Bets $558 Million on Toncoin (TON)
Verb Technology Company (Nasdaq: VERB) is preparing for a massive pivot — and a new name.
Following the close of a $558 million private placement expected around August 7, the social commerce tech firm will rebrand as TON Strategy Co. and adopt Toncoin (TON) as its primary treasury reserve asset.
The raise, structured as a PIPE deal, saw more than 110 investors participate, including Kingsway Capital, Blockchain.com, Vy Capital, Pantera, Animoca, Arrington Capital, Kraken, and BitGo. Shares were sold at $9.51 each, the August 1 market close price. Around 77% of the proceeds will be held in cash, while the company plans to use the rest to buy TON — targeting roughly 5% of its circulating market value — and earn staking rewards.
The Open Network, backed by Telegram, powers mini apps, tokenized usernames, and payment solutions for the platform’s billion-plus users. TON is integrated directly into Telegram through the TON Wallet, making it central to the messaging giant’s Web3 vision.
Kingsway Capital CEO and TON Foundation President Manuel Stotz will become Executive Chairman of the rebranded company, with Peter Smith, CEO of Blockchain.com, joining as a special advisor. Former TON Foundation advisor Veronika Kapustina will serve as CEO, and Sarah Olsen, formerly of JP Morgan’s Onyx division, will take the CFO role.
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Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
