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Verb Technology Plans to Build a $588 Million TON Treasury, Verb Stock Shoots 51%
Nasdaq-listed Verb Technology has announced plans to build a massive treasury of TON, the native cryptocurrency token of The Open Network. In a surprising move, Verb Technology is planning to invest $558 million in acquiring TON as its primary treasury reserve asset.
As part of this strategic shift, Verb Technology will be issuing approximately 58.7 million shares and pre-funded warrants at a fixed price of $9.51 per share. This massive investment has already caused a significant uptick in the company’s stock value, with VERB stocks skyrocketing by an astonishing 51% to reach a price of $14.38.
This bold move marks Verb Technology as the first publicly traded firm to pursue a crypto treasury strategy with TON. The company aims to become one of the largest global holders of Toncoin and plans to generate sustainable staking rewards to manage and expand its TON holdings in a cash flow-positive manner.
It is worth noting that this development is closely tied to Telegram’s announcement earlier this year, which saw TON become the exclusive blockchain infrastructure for Telegram’s expanding ecosystem. The newly launched TON Wallet, integrated into the popular messaging app, has gone live with 87 million registered users in the United States alone.
As a result of these developments, Verb Technology will continue its existing business operations alongside this new strategy and expects growth.
Source: www.coinspeaker.com
