Toncoin gains as Verb Technology reveals $713m in TON treasury holdings
Toncoin price edged up on Aug. 21 after retesting multi-week lows as Nasdaq-listed company Verb Technology announced it now holds $713 million worth of the cryptocurrency as a treasury asset.
- Toncoin price looked to jump above $3.30 amid treasury strategy news.
- Verb Technology has increased its TON treasury holdings to over $713 million.
Verb Technology, a Nasdaq-listed company set to rebrand as Ton Strategy Company, says it holds over $713 million in Toncoin (TON), expanding its holdings of the cryptocurrency as it pursues its digital asset treasury strategy.
The announcement has coincided with a slight uptick in the price of Toncoin, the native token of The Open Network blockchain.
At the time of writing, TON price hovered around $3.28, having bounced to $3.30 from lows of $3.23.
However, despite the minor gain, Toncoin remains well off its peak of $8.25 reached in June 2024, and is down over the past week and month. Bearish pressure that has Bitcoin dipping below $113,000 and most top altcoins bleeding has contributed to TON’s sell-off.
TON treasury strategy
With the scramble to establish crypto treasury companies growing by the day, it’s no surprise nearly all the top 20 cryptocurrencies by market cap have public companies buying the coins as treasury assets.
Toncoin, which has dropped from the top 20 amid a 60% decline since its all-time high in June last year, has attracted attention as a project linked not just to the TON blockchain, but also to the Telegram ecosystem.
Public companies have raised billions of dollars to start treasury asset bets on Bitcoin, Ethereum, XRP, and others. TON, currently an $8.4 billion coin, has a $713 million bet from Verb Technology.
Verb closed a $558 million raise in early August as it embarked on its quest to become the biggest TON treasury company. So far, the firm has over $780 million in assets, $67 million of which is in cash.
Verb plans to accumulate more than 5% of TON’s circulating supply as a treasury reserve asset, with further support for the network through staking. The company also plans to acquire TON via reinvestment of cash flows and capital markets activity.
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