TON Strategy Co Dossier
Qualitative Analysis
Business overview
TON Strategy Co. (NASDAQ: TONX), formerly known as Verb Technology Company, Inc., is a Las Vegas-based digital asset treasury company. It is the first NASDAQ-listed publicly traded vehicle dedicated to accumulating, holding, and staking Gram (formerly known as Toncoin, the native cryptocurrency of The Open Network blockchain). The company's core business model is inspired by MicroStrategy's single-asset treasury playbook, aiming to steadily expand its Gram holdings per share while generating recurring yields of approximately 4% to 5% through active network validation and staking. Alongside its digital asset treasury operations, the company continues to operate legacy social commerce business units, including MARKET.live (a multi-vendor livestream shopping platform) and LyveCom (an AI-powered social commerce platform).
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Pivoting the corporate treasury to accumulate, stake, and hold Gram (formerly Toncoin) as the primary reserve asset, aiming to steadily expand holdings per share through capital raises, staking rewards, and open-market purchases.
Expected impact: Generates consistent staking rewards (approximately 4-5% annual yields) to achieve cash flow-positive operations and provide regulated public-market exposure to the TON ecosystem.
Operating as a major validator within The Open Network (TON) blockchain using segregated validator structures and institutional custody to secure the network and earn staking rewards.
Expected impact: Secures network validation rewards (generating $3.0 million in staking revenue in Q1 2026 alone) while supporting network performance upgrades.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Kingsway Capital led the $558 million PIPE transaction in August 2025 that funded the initial TON treasury acquisition. Kingsway's Founder & CEO, Manuel Stotz, serves as Executive Chairman of TON Strategy Co.
Terms: Led the oversubscribed $558 million private placement of approximately 58.7 million shares at $9.51 per share.
Provides institutional backing and strategic advisory support to help bridge traditional capital markets with the decentralized TON ecosystem.
Terms: Participated as an anchor investor in the August 2025 PIPE transaction.