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US-based Verb Technology Company has announced a major move into the TON ecosystem. The company has acquired $713 million worth of Toncoin (TON), bringing its total assets to $780 million.
Following this step, the company plans to change its name to “TON Strategy Company.”
According to the official press release, the company’s total assets of $780 million consist of 713 million TON coins and 67 million cash reserves. The company’s strategy is to become one of the network’s largest institutional supporters by purchasing 5% of TON’s circulating supply.
This development follows a $558 million private placement completed on August 8. The company used the majority of these funds to acquire TON. Chairman Manuel Stotz commented:
“Reaching $780 million in assets in just a few days demonstrates our strong belief in TON. This means not only growing our balance sheet but also contributing to the security of the TON blockchain.”
The company also stated that it will continue its strategic plans to increase its TON holdings through staking rewards, cash flow investments, and capital markets activities.
Despite this huge buying news, no noticeable movement was seen in the TON price chart and even a decline occurred.
Chart showing today’s movements in the TON price.
*This is not investment advice.
